<SEC-DOCUMENT>0000913849-20-000010.txt : 20200115
<SEC-HEADER>0000913849-20-000010.hdr.sgml : 20200115
<ACCEPTANCE-DATETIME>20200115161913
ACCESSION NUMBER:		0000913849-20-000010
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200115
DATE AS OF CHANGE:		20200115

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			North American Construction Group Ltd.
		CENTRAL INDEX KEY:			0001368519
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL, GAS FIELD SERVICES, NBC [1389]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82223
		FILM NUMBER:		20528469

	BUSINESS ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8
		BUSINESS PHONE:		780-960-7171

	MAIL ADDRESS:	
		STREET 1:		27287 100 AVENUE
		CITY:			ACHESON
		STATE:			A0
		ZIP:			T7X 6H8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	North American Energy Partners Inc.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NORTH AMERICAN ENERGY PARTNERS INC.
		DATE OF NAME CHANGE:	20061129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NACG Holdings Inc.
		DATE OF NAME CHANGE:	20060707

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CLARET ASSET MANAGEMENT Corp
		CENTRAL INDEX KEY:			0001735513
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		2000 MCGILL COLLEGE AVENUE
		STREET 2:		SUITE 1150
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3N4
		BUSINESS PHONE:		514-842-6110

	MAIL ADDRESS:	
		STREET 1:		2000 MCGILL COLLEGE AVENUE
		STREET 2:		SUITE 1150
		CITY:			MONTREAL
		STATE:			A8
		ZIP:			H3A 3N4
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>sc13ga_011320.htm
<DESCRIPTION>SCHEDULE 13G/A
<TEXT>
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    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">UNITED STATES<br>
      SECURITIES AND EXCHANGE COMMISSION<br>
      Washington, D.C.&#160; 20549<br>
      __________</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">SCHEDULE 13G</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">(Amendment No.&#160;4)*</div>
    <div><br>
    </div>
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            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">North American Construction Group Ltd.</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(Name of Issuer)</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Common Shares</div>
          </td>
        </tr>
        <tr>
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            <div style="text-align: center; font-family: 'Times New Roman', serif;">(Title of Class of Securities)</div>
            <div>&#160;</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">656811106</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(CUSIP Number)</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">December&#160;31, 2019</div>
          </td>
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          <td style="width: 100%; vertical-align: top; border-top: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">(Date of Event Which Requires Filing of this Statement)</div>
          </td>
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    <div><br>
    </div>
    <div style="margin-top: 20pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</div>
    <div style="text-indent: 18pt; font-family: 'Times New Roman', serif;">&#9746; Rule 13d-1(b)</div>
    <div style="text-indent: 18pt; font-family: 'Times New Roman', serif;">&#9744; Rule 13d-1(c)</div>
    <div style="text-indent: 18pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">&#9744; Rule 13d-1(d)</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">*The remainder of this cover page shall be filled out for a reporting person&#8217;s initial filing on this form with respect to the subject class of securities, and for any subsequent
      amendment containing information which would alter the disclosures provided in a prior cover page.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">The information required in the remainder of this cover page shall not be deemed to be &#8220;filed&#8221; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&#8220;Act&#8221;) or
      otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CUSIP No. 656811106</div>
          </td>
          <td style="width: 21.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">13G</div>
          </td>
          <td style="width: 38.88%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Page <u>&#160;&#160;2&#160;&#160;</u> of <u>&#160;&#160;5&#160;&#160;</u> Pages</div>
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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">1.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div><font style="font-family: 'Times New Roman', serif;">NAME OF REPORTING PERSON<br>
              </font>&#160;</div>
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Claret Asset Management Corporation</div>
          </td>
        </tr>
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          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">2.</div>
          </td>
          <td colspan="3" style="width: 73.22%; vertical-align: top; border-left: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</div>
          </td>
          <td style="width: 22.02%; vertical-align: top; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">(a) &#9744;</div>
            <div style="font-family: 'Times New Roman', serif;">(b) &#9744;</div>
          </td>
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          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">3.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">SEC USE ONLY</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">4.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">CITIZENSHIP OR PLACE OF ORGANIZATION<br>
              <br>
              <font style="font-weight: bold;">Canada</font></div>
          </td>
        </tr>
        <tr>
          <td colspan="2" rowspan="4" style="width: 21.6%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif;">NUMBER OF</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">SHARES</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">BENEFICIALLY</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">OWNED BY</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">EACH</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">REPORTING</div>
            <div style="text-align: center; font-family: 'Times New Roman', serif;">PERSON WITH:</div>
          </td>
          <td style="width: 5.12%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">5.</div>
          </td>
          <td colspan="2" style="width: 73.29%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">SOLE VOTING POWER<br>
              <br>
              <font style="font-weight: bold;">2,377,981</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.85%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">6.</div>
          </td>
          <td colspan="2" style="width: 56.38%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">SHARED VOTING POWER<br>
              <br>
              <font style="font-weight: bold;">&#8212;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.85%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">7.</div>
          </td>
          <td colspan="2" style="width: 56.38%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">SOLE DISPOSITIVE POWER<br>
              <br>
              <font style="font-weight: bold;">2,377,981</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.85%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">8.</div>
          </td>
          <td colspan="2" style="width: 56.38%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">SHARED DISPOSITIVE POWER<br>
              <br>
              <font style="font-weight: bold;">&#8212;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">9.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br>
              <br>
              2,377,981</div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">10.<br>
            </div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES</div>
            <div>&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;
              &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#9744;</div>
            <div>&#160;</div>
          </td>
        </tr>
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          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">11.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)<br>
              <br>
              <font style="font-weight: bold;">8.61%</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 4.75%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">12.</div>
          </td>
          <td colspan="4" style="width: 95.25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="font-family: 'Times New Roman', serif;">TYPE OF REPORTING PERSON<br>
              <br>
              <font style="font-weight: bold;">IA</font></div>
          </td>
        </tr>

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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CUSIP No. 656811106</div>
          </td>
          <td style="width: 21.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">13G</div>
          </td>
          <td style="width: 38.88%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Page <u>&#160;&#160;3&#160;&#160;</u> of <u>&#160;&#160;5&#160;&#160;</u> Pages</div>
          </td>
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          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 1(a).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Name of Issuer:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">North American Construction Group Ltd.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 1(b).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Address of Issuer&#8217;s Principal Executive Offices:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">27287-100 Avenue, Acheson, Alberta, T7X 6H8</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 2(a).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Name of Person Filing:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Claret Asset Management Corporation (&#8220;CAMC&#8221;)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 2(b).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Address of Principal Business Office or, if none, Residence:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">2000 McGill College Avenue, Suite 1150, Montreal, Quebec, Canada H3A 3N4</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 2(c).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Citizenship:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Quebec, Canada</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 2(d).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Title of Class of Securities:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Common Shares</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 2(e).</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CUSIP Number:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">656811106</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 3.</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">If this statement is filed pursuant to &#167;&#167;240.13d-1(b) or 240.13d-2(b) or (c), indicate type of person filing.</div>
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif;">&#9746; An investment adviser in accordance with Rule&#160;13d-1(b)(1)(ii)(E)</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 4.</div>
          </td>
          <td colspan="3" style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(a)</div>
          </td>
          <td colspan="2" style="width: 78.28%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Amount beneficially owned:&#160; <font style="font-weight: bold;">2,377,981</font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(b)</div>
          </td>
          <td colspan="2" style="width: 78.28%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Percent of class: <font style="font-weight: bold;">8.61%</font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">(c)</div>
          </td>
          <td colspan="2" style="width: 78.28%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Number of shares as to which such person has:</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">&#160;</td>
          <td style="width: 5.66%; vertical-align: top;">
            <div style="text-indent: -180.55pt; margin-left: 180.55pt; font-family: 'Times New Roman', serif;">(i)</div>
          </td>
          <td style="width: 72.62%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Sole power to vote or direct the vote:&#160; <font style="font-weight: bold;">2,377,981</font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">&#160;</td>
          <td style="width: 5.66%; vertical-align: top;">
            <div style="text-indent: -180.55pt; margin-left: 180.55pt; font-family: 'Times New Roman', serif;">(ii)</div>
          </td>
          <td style="width: 72.62%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Shared power to vote or direct the vote:&#160; &#8212;</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">&#160;</td>
          <td style="width: 5.66%; vertical-align: top;">
            <div style="text-indent: -180.55pt; margin-left: 180.55pt; font-family: 'Times New Roman', serif;">(iii)</div>
          </td>
          <td style="width: 72.62%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Sole power to dispose or to direct the disposition of:&#160; <font style="font-weight: bold;">2,377,981</font></div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 5.02%; vertical-align: top;">&#160;</td>
          <td style="width: 5.66%; vertical-align: top;">
            <div style="text-indent: -180.55pt; margin-left: 180.55pt; font-family: 'Times New Roman', serif;">(iv)</div>
          </td>
          <td style="width: 72.62%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Shared power to dispose or to direct the disposition of:&#160; &#8212;</div>
            <div>&#160;</div>
          </td>
        </tr>

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              <td style="width: 33.33%; vertical-align: top;">&#160;</td>
              <td style="width: 33.33%; vertical-align: top;">&#160;</td>
              <td style="width: 33.33%; vertical-align: top;">&#160;</td>
            </tr>

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            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">CUSIP No. 656811106</div>
          </td>
          <td style="width: 21.56%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 14pt; font-weight: bold;">13G</div>
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          <td style="width: 38.88%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-family: 'Times New Roman', serif; font-weight: bold;">Page <u>&#160;&#160;4&#160;&#160;</u> of <u>&#160;&#160;5&#160;&#160;</u> Pages</div>
          </td>
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    </div>
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          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Percent of class is based on (i) the number of Common Shares that may be deemed to be beneficially owned by CAMC as of December&#160;31, 2019, including shares issuable upon the conversion of
              convertible debentures, and (ii) the number of Common Shares outstanding as of October&#160;25, 2019 (27,467,312 shares) as reported by the Issuer in its Form 6-K filed with the Securities and Exchange Commission on October&#160;29, 2019.</div>
            <div style="font-family: 'Times New Roman', serif;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 5.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership of Five Percent or Less of a Class.</div>
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">Not applicable.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 6.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Ownership of More than Five Percent on Behalf of Another Person.</div>
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;"> <br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Other persons have the right to receive proceeds from the sale of securities reflected herein.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 7.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Not applicable.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 8.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Identification and Classification of Members of the Group.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Not applicable.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 9.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Notice of Dissolution of Group.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Not applicable.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Item 10.</div>
          </td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-weight: bold;">Certifications.</div>
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 16.7%; vertical-align: top;">&#160;</td>
          <td style="width: 83.3%; vertical-align: top;">
            <div style="text-align: justify; font-family: 'Times New Roman', serif;">By signing below, the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were acquired and held in the ordinary course
              of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in
              any transaction having that purpose or effect.</div>
            <div>&#160;</div>
          </td>
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              <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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              <td style="width: 33.33%; vertical-align: top;">&#160;</td>
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    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">SIGNATURE</div>
    <div style="text-indent: 36pt; margin-bottom: 20pt; font-family: 'Times New Roman', serif;">After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</div>
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            <div style="font-family: 'Times New Roman', serif;">Date: January 15, 2020</div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif;">Claret Asset Management Corporation</div>
            <div style="font-family: 'Times New Roman', serif;"> <br>
            </div>
            <div style="font-family: 'Times New Roman', serif;">By: &#160; &#160; <u>/s/Monique Gravel&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></div>
            <div style="font-family: 'Times New Roman', serif;">Name: Monique Gravel</div>
            <div style="font-family: 'Times New Roman', serif;">Title:&#160; Chief Executive Officer</div>
            <div>&#160;</div>
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