<SEC-DOCUMENT>0001062993-21-004548.txt : 20210514
<SEC-HEADER>0001062993-21-004548.hdr.sgml : 20210514
<ACCEPTANCE-DATETIME>20210513194059
ACCESSION NUMBER:		0001062993-21-004548
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210514
DATE AS OF CHANGE:		20210513
GROUP MEMBERS:		POLAR ASSET MANAGEMENT PARTNERS INC.

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:		21921444

	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:			Polar Asset Management Partners Inc.
		CENTRAL INDEX KEY:			0001326389
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		401 BAY STREET
		STREET 2:		SUITE 1900, P.O. BOX 19
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4
		BUSINESS PHONE:		416-367-4364

	MAIL ADDRESS:	
		STREET 1:		401 BAY STREET
		STREET 2:		SUITE 1900, P.O. BOX 19
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5H 2Y4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Polar Securities Inc.
		DATE OF NAME CHANGE:	20050506
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<FILENAME>formsc13ga.htm
<DESCRIPTION>FORM SC 13G/A
<TEXT>
<html>

<head>
    <title>Polar Asset Management Partners Inc.: Form SC 13G/A - Filed by newsfilecorp.com</title>
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<body style="font-size:10pt; font-family:'Times New Roman';">
    <hr width="100%" size="3" color="black" noshade="noshade"><a name="page_1"></a>
    <p style="text-align: center;"><b><font size="5">UNITED STATES</font></b><br><b><font size="5">SECURITIES AND EXCHANGE COMMISSION</font></b><br>Washington, D.C. 20549</p>
    <p style="text-align: center;"><b><font size="5">SCHEDULE 13G/A</font></b></p>
    <p style="text-align: center;">(Amendment No. 5)*</p>
    <p style="text-align: center;">Under the Securities Exchange Act of 1934</p>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
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            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><font style="font-size: 18pt;"><u><b>North American Construction Group Ltd.</b></u></font></p>
            </td>
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        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(Name of Issuer)</p>
            </td>
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            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><u><b>Common Shares</b></u></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(Title of Class of Securities)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><u><b>656811106</b></u></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(CUSIP Number)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;"><u><b>December 31, 2019</b></u></p>
            </td>
        </tr>
        <tr>
            <td style="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;">
                <p style="text-align: center;">(Date of Event Which Requires Filing of this Statement)</p>
            </td>
        </tr>
    </table>
    <p style="text-align: justify;">Check the appropriate box to designate the rule pursuant to which this Schedule is filed:</p>
    <p style="text-align: justify;"><font style="width: 36pt; display: inline-block;">&#160;</font>&#9746;&#160; Rule 13d-1(b)</p>
    <p style="text-align: justify;"><font style="width: 36pt; display: inline-block;">&#160;</font>&#9744;&#160; Rule 13d-1(c)</p>
    <p style="text-align: justify;"><font style="width: 36pt; display: inline-block;">&#160;</font>&#9744; Rule 13d-1(d)</p>
    <p style="text-align: justify;">This filing was originally submitted to the SEC on February 12, 2020 and was filed to the issuer page for North American Construction Group Inc. (CIK 1272879). This filing is re-submitted to the SEC on May 13, 2021 and filed to the issuer page for North American Construction Group Ltd. (CIK 1368519).</p>
    <p style="text-align: center;">(Page 1 of 6 Pages)</p>
    <p style="text-align: justify;">*The remainder of this cover page shall be filled out for a reporting person'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.</p>
    <p style="text-align: justify;">The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") 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 <i>Notes</i>).</p>
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                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>CUSIP No.&#160; </b>656811106</td>
                <td style="width: 33.3333%; padding: 5pt; text-align: center;"><b>13G/A</b></td>
                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>Page</b> <b>2</b> <b>of 5 Pages</b></td>
            </tr>
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    </div>
    <br>
    <table style="border-collapse: collapse; font-size: 10pt; width: 100%;" cellspacing="0" cellpadding="0">
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>1</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Names of Reporting Persons</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p><font style="width: 36pt; display: inline-block;">&#160;</font>Polar Asset Management Partners Inc.</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>2</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Check the appropriate box if a member of a Group (see instructions)</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p style="margin-left: 17.1pt;">(a)&#160; &#9744;<br>(b)&#160; &#9744;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>3</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Sec Use Only</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p>&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>4</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Citizenship or Place of Organization</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p><font style="width: 36pt; display: inline-block;">&#160;</font>Canada</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: middle; border: 0.75pt solid #000000;" colspan="2" rowspan="8">
                <p style="text-align: center;">Number of Shares <br>Beneficially <br>Owned by Each <br>Reporting Person <br>With:</p>
            </td>
            <td style="width: 5%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;" rowspan="2">
                <p><b>5</b></p>
            </td>
            <td style="width: 77%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-indent: 10.8pt;">Sole Voting Power</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 77%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-indent: 10.8pt;">3,018,293 (including 1,399,115 Shares issuable upon the conversion of Debentures)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 5%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;" rowspan="2">
                <p><b>6</b></p>
            </td>
            <td style="width: 77%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-indent: 10.8pt;">Shared Voting Power</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 77%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-indent: 10.8pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="width: 5%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;" rowspan="2">
                <p><b>7</b></p>
            </td>
            <td style="width: 77%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-indent: 10.8pt;">Sole Dispositive Power</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 77%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-indent: 10.8pt;">3,018,293 (including 1,399,115 Shares issuable upon the conversion of Debentures)</p>
            </td>
        </tr>
        <tr>
            <td style="width: 5%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000;" rowspan="2">
                <p><b>8</b></p>
            </td>
            <td style="width: 77%; vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;">
                <p style="text-indent: 10.8pt;">Shared Dispositive Power</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; width: 77%; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;">
                <p style="text-indent: 10.8pt;">&#160;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>9</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Aggregate Amount Beneficially Owned by Each Reporting Person</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000;" colspan="3">
                <p>&#160; 3,018,293 (including 1,399,115 Shares issuable upon the conversion of Debentures)</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>10</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p>&#9744;</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>11</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Percent of class represented by amount in row (9)</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p>11.12%</p>
            </td>
        </tr>
        <tr>
            <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 0.75pt solid #000000; width: 5%;" rowspan="2">
                <p><b>12</b></p>
            </td>
            <td style="vertical-align: top; border-left: 0.75pt solid #000000; padding-right: 5.03pt; border-right: 0.75pt solid #000000; padding-left: 5.03pt; border-top: 0.75pt solid #000000;" colspan="3">
                <p>Type of Reporting Person (See Instructions)</p>
            </td>
        </tr>
        <tr>
            <td style="border-left: 0.75pt solid #000000; vertical-align: top; border-right: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt;" colspan="3">
                <p>IA</p>
            </td>
        </tr>
    </table>
    <br>
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                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>CUSIP No.&#160; </b>656811106</td>
                <td style="width: 33.3333%; padding: 5pt; text-align: center;"><b>13G/A</b></td>
                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>Page</b> <b>3</b> <b>of 5 Pages</b></td>
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    </div>
    <p style="text-align: justify;"><b>Item 1.</b></p>
    <p style="text-align: justify;"><b>(a)</b><font style="width: 24.17pt; display: inline-block;">&#160;</font><b>Name of Issuer: </b></p>
    <p style="margin-left: 36pt; text-align: justify;">The name of the issuer is North American Construction Group Ltd. (the "<u>Company</u>").</p>
    <p style="text-align: justify;"><b>(b)</b><font style="width: 24pt; display: inline-block;">&#160;</font><b>Address of Issuer's Principal Executive Offices:</b></p>
    <p style="margin-left: 36pt; text-align: justify;">The Company's principal executive offices are located at 27287-100 Avenue, Acheson, Alberta, T7X 6H8.</p>
    <p style="text-align: justify;"><b>Item 2.</b></p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>(a)</b><font style="width: 23.17pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Name of Person Filing:</b></p>
    <p style="margin-left: 36pt; text-align: justify;">This statement is filed by Polar Asset Management Partners Inc., a company incorporated under the laws of Ontario, Canada, which serves as investment advisor to Polar Multi-Strategy Master Fund, a Cayman islands exempted company ("PMSMF"), Polar Micro-Cap Fund, an Ontario open-ended investment trust ("PMCF"), Polar Micro-Cap Fund II L.P., an Ontario limited partnership ("PMCFII") and certain managed accounts (together with PMSMF, PMCF and PMCFII, the "Polar Vehicles"), with respect to the Shares (as defined below), and the Shares issuable upon conversion of the Debentures (as defined below), directly held by the Polar Vehicles.</p>
    <p style="margin-left: 36pt; text-align: justify;">The filing of this statement should not be construed as an admission that the Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares or the Debentures reported herein.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>(b)</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Address of Principal Business Office or, if None, Residence: </b></p>
    <p style="margin-left: 36pt; text-align: justify;">The address of the business office of the Reporting Person is 401 Bay Street, Suite 1900, PO Box 19, Toronto, Ontario M5H 2Y4, Canada.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>(c)</b><font style="width: 25pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Citizenship:</b></p>
    <p style="margin-left: 36pt; text-align: justify;">The citizenship of the Reporting Person is Canada.</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>(d)</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Title and Class of Securities:</b></p>
    <p style="margin-left: 36pt; text-align: justify;">Common shares (the "<u>Shares</u>").</p>
    <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify;"><b>(e)</b><font style="width: 24.79pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>CUSIP No.:</b></p>
    <p style="margin-left: 36pt; text-align: justify;">656811106</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 3. </b><font style="width: 21.26pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>If this statement is filed pursuant to &#167;&#167; 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</b></p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(a)<font style="width: 5.79pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>Broker or dealer registered under Section 15 of the Act;</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(b)<font style="width: 5.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>Bank as defined in Section 3(a)(6) of the Act;</p>
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                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>CUSIP No.&#160; </b>656811106</td>
                <td style="width: 33.3333%; padding: 5pt; text-align: center;"><b>13G/A</b></td>
                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>Page</b> <b>4</b> <b>of 5 Pages</b></td>
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    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(c)<font style="width: 5.79pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>Insurance company as defined in Section 3(a)(19) of the Act;</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(d)<font style="width: 5.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 25.7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Investment company registered under Section 8 of the Investment Company Act of 1940;</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(e)<font style="width: 5.79pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(f)<font style="width: 7.01pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(g)<font style="width: 5.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 25.7pt; text-indent: 0pt; display: inline-block;">&#160;</font>A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</p>
    <p style="margin-left: 72pt; text-indent: -72pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(h)<font style="width: 5.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 25.7pt; text-indent: 0pt; display: inline-block;">&#160;</font>A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(i)<font style="width: 7.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 26.2pt; text-indent: 0pt; display: inline-block;">&#160;</font>A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(j)<font style="width: 7.62pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9746;<font style="width: 26.19pt; text-indent: 0pt; display: inline-block;">&#160;</font>A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>(k)<font style="width: 5.67pt; text-indent: 0pt; display: inline-block;">&#160;</font>&#9744;<font style="width: 25.7pt; text-indent: 0pt; display: inline-block;">&#160;</font>Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><font style="width: 54pt; text-indent: 0pt; display: inline-block;">&#160;</font>The Reporting Person is an investment fund manager, portfolio manager, exempt market dealer and commodity trading manager registered with the Ontario Securities Commission.</p>
    <p style="text-align: justify;"><b>Item 4.</b><font style="width: 24.26pt; display: inline-block;">&#160;</font><b>Ownership</b></p>
    <p style="text-align: justify; margin-left: 54pt;">As at December 31, 2019, the Polar Vehicles held 3,018,293 Shares, comprised of (i) 1,399,115 Shares; (ii) 879,078 Shares, assuming the conversion by certain of the Polar Vehicles of $9,538,000 principal amount of the Company's 5.5% convertible unsecured subordinated debentures due on March 31, 2024 (the "5.5% Debentures") at a conversion rate of 92.1659 Shares per $1,000 principal amount of 5.5% Debentures (as described in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2019 (the "<u>MD&amp;A</u>"), included in the Report of Foreign Private Issuer on Form 6-K filed with the SEC on October 29, 2019; and (iii) 520,037 Shares, assuming the conversion by certain of the Polar Vehicles of $13,651,000 principal amount of the Company's 5.0% convertible unsecured subordinated debentures due March 31, 2026 (the "5.0% Debentures", and together with the 5.5% Debentures, the "Debentures") at a conversion rate of 38.0952 Shares per $1,000 principal amount of 5.0% Debentures (as described in the MD&amp;A).</p>
    <p style="text-align: justify; margin-left: 54pt;">The percentages used herein are calculated based upon 25,741,845 Shares reported to be outstanding as of October 15, 2019 as disclosed in the MD&amp;A, which is calculated as 27,053,170 Shares outstanding as of October 15, 2019 less the 1,725,467 Shares held in trust and classified as treasury shares on the Company's consolidated balance sheets.</p>
    <p style="text-align: justify;"><b>Item 5.</b><font style="width: 24.26pt; display: inline-block;">&#160;</font><b>Ownership of Five Percent or Less of a Class.</b></p>
    <p style="margin-left: 54pt; text-align: justify;">If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following: [&#160; ].</p>
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                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>CUSIP No.&#160; </b>656811106</td>
                <td style="width: 33.3333%; padding: 5pt; text-align: center;"><b>13G/A</b></td>
                <td style="width: 33.3333%; padding: 5pt; border: 0.75pt solid #000000;"><b>Page</b> <b>5</b> <b>of 5 Pages</b></td>
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    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 6.</b><font style="width: 24.26pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Ownership of more than Five Percent on Behalf of Another Person.</b></p>
    <p style="text-align: justify; margin-left: 54pt;"><font style="width: 0pt; text-indent: 0pt; display: inline-block;">&#160;</font>See Item 2. The Polar Vehicles have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of more than 5% of the Shares.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 7.</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Identification and classification of the subsidiary which acquired the security being reported on by the parent holding company or control person.</b></p>
    <p style="margin-left: 54pt; text-indent: 0pt; text-align: justify;"><font style="width: 0pt; text-indent: 0pt; display: inline-block;">&#160;</font>Not applicable.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 8.</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Identification and classification of members of the group.</b></p>
    <p style="margin-left: 54pt; text-indent: 0pt; text-align: justify;"><font style="width: 0pt; text-indent: 0pt; display: inline-block;">&#160;</font>Not applicable.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 9.</b><font style="width: 24pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Notice of Dissolution of Group.</b></p>
    <p style="margin-left: 54pt; text-indent: 0pt; text-align: justify;"><font style="width: 0pt; text-indent: 0pt; display: inline-block;">&#160;</font>Not applicable.</p>
    <p style="margin-left: 54pt; text-indent: -54pt; text-align: justify;"><b>Item 10.</b><font style="width: 19.01pt; text-indent: 0pt; display: inline-block;">&#160;</font><b>Certifications.</b></p>
    <p style="margin-left: 54pt; text-indent: 0pt; text-align: justify;"><font style="width: 0pt; text-indent: 0pt; display: inline-block;">&#160;</font>By signing below the Reporting Person certifies that, to the best of its knowledge and belief, (i) the securities referred to above were acquired and are 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 and (ii) the foreign regulatory schemes applicable to investment fund managers and broker-dealers are substantially comparable to the regulatory schemes applicable to the functionally equivalent U.S. institutions. The Reporting Person also undertakes to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</p>
    <p style="text-align: center;">&#160;</p>
    <p style="text-align: center;"><b>SIGNATURE</b></p>
    <p style="text-align: justify;">After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.</p>
    <p style="text-align: justify;">Dated:&#160; February 12, 2020</p>
    <p style="text-align: justify;">POLAR ASSET MANAGEMENT PARTNERS INC.</p>
    <p style="text-align: justify;"><u><i>/s/ Greg Lemaich</i></u><u> &#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><br>Name: <font style="width: 3.93pt; display: inline-block;">&#160;</font>Greg Lemaich<br>Title: <font style="width: 9.42pt; display: inline-block;">&#160;</font>General Counsel</p>
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