# EDGAR Filing Document

**Accession Number:** 0001368519
**File Stem:** 0001058854-23-000006
**Filing Date:** 2023-2
**Character Count:** 15965
**Document Hash:** 1faa2d54ffad97e4870bf16a3f8d8b0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001058854-23-000006.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001058854-23-000006

**CONFORMED SUBMISSION TYPE**: SC 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**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:** 23619487

**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:** CANNELL CAPITAL LLC
- **CENTRAL INDEX KEY:** 0001058854
- **IRS NUMBER:** 943366999
- **STATE OF INCORPORATION:** WY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 245 MERIWETHER CIRCLE
- **CITY:** ALTA
- **STATE:** WY
- **ZIP:** 83414
- **BUSINESS PHONE:** 4158358300

**MAIL ADDRESS:**
- **STREET 1:** 245 MERIWETHER CIRCLE
- **CITY:** ALTA
- **STATE:** WY
- **ZIP:** 83414

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CANNELL J CARLO DBA CANNELL CAPITAL MGMT
- **DATE OF NAME CHANGE:** 19980330

**SECURITIES AND EXCHANGE COMMISSION** 

 **Washington, D.C. 20549** 

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 **SCHEDULE 13G** 

 **(Rule 13d-102)** 

 **INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT**

 **TO §240.13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED**

 **PURSUANT TO §240.13d-2** 

 **(Amendment No.7) <sup>1</sup>** 

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 **NORTH AMERICAN CONSTRUCTION GROUP, LTD.**

 **(Name of Issuer)**

 **Common Stock, with no par value**

 **(Title of Class of Securities)**

 **656811106**

 **(CUSIP Number)**

 **December 31, 2022**

 **(Date of Event Which Requires Filing of This Statement)**

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 **Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

☑ **Rule 13d-1(b)**

☐ **Rule 13d-1(c)**

☐ **Rule 13d-1(d)**

<sup>1</sup> 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 disclosures provided in a prior cover page.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The information required on 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 ("<u>Act</u>") 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*).

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| **CUSIP No.656811106** | **Page 2 of 7 Pages** |

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| 1 | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Carlo Cannell | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Carlo Cannell | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> J. Carlo Cannell |
| 2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ |
| 3 | &nbsp;&nbsp; SEC USE ONLY | &nbsp;&nbsp; SEC USE ONLY | &nbsp;&nbsp; SEC USE ONLY |
| 4 | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> USA | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> USA | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> USA |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 5 | &nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 6 | &nbsp;&nbsp; SHARED VOTING POWER<br> 1,943,219 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 8 | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 1,943,219 |
| 9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 |
| 10 | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) |
| 11 | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% |
| 12 | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> HC | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> HC | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> HC |

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| **CUSIP No.656811106** | **Page 3 of 7 Pages** |

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|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> I.R.S. Identification Nos. of Above Persons (Entities Only)<br> Cannell Capital LLC<br> 94-3366999 | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> I.R.S. Identification Nos. of Above Persons (Entities Only)<br> Cannell Capital LLC<br> 94-3366999 | &nbsp;&nbsp; NAMES OF REPORTING PERSONS<br> I.R.S. Identification Nos. of Above Persons (Entities Only)<br> Cannell Capital LLC<br> 94-3366999 |
| 2 | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ | &nbsp;&nbsp; CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP<br> (a) ☐<br> (b) ☐ |
| 3 | &nbsp;&nbsp; SEC USE ONLY | &nbsp;&nbsp; SEC USE ONLY | &nbsp;&nbsp; SEC USE ONLY |
| 4 | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Wyoming, USA | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Wyoming, USA | &nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Wyoming, USA |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 5 | &nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 6 | &nbsp;&nbsp; SHARED VOTING POWER<br> 1,943,219 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 7 | &nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | NUMBER OF SHARES<br> BENEFICIALLY OWNED BY<br> EACH REPORTING <br> PERSON WITH | 8 | &nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 1,943,219 |
| 9 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 | &nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 1,943,219 |
| 10 | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) | &nbsp;&nbsp; CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐<br> (see instructions) |
| 11 | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% | &nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11<br> 6.98% |
| 12 | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IA | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IA | &nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IA |

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| **CUSIP No.656811106** | **Page 4 of 7 Pages** |

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| <BORDER_TOP>.1 | <BORDER_TOP>.2 | <BORDER_TOP>.3 | |
| **Item 1.** | **Item 1.** | **Item 1.** | **Item 1.** |
| | **Name of Issuer** <br> NORTH AMERICAN CONSTRUCTION GROUP, LTD. | **Name of Issuer** <br> NORTH AMERICAN CONSTRUCTION GROUP, LTD. | **Name of Issuer** <br> NORTH AMERICAN CONSTRUCTION GROUP, LTD. |
| **a)** <br>**b)**  | **Address of issuer's principal executive offices:** <br> 27287 - 100 Avenue <br> Acheson, Alberta T7X 6H8  | **Address of issuer's principal executive offices:** <br> 27287 - 100 Avenue <br> Acheson, Alberta T7X 6H8  | **Address of issuer's principal executive offices:** <br> 27287 - 100 Avenue <br> Acheson, Alberta T7X 6H8  |
| **Item 2.** | **Item 2.** | **Item 2.** | **Item 2.** |
| | **Name of person filing:** <br> Cannell Capital LLC  | **Name of person filing:** <br> Cannell Capital LLC  | **Name of person filing:** <br> Cannell Capital LLC  |
| | **Address or principal business office or, if none, residence:** <br> 245 Meriwether Circle <br> Alta, WY 83414  | **Address or principal business office or, if none, residence:** <br> 245 Meriwether Circle <br> Alta, WY 83414  | **Address or principal business office or, if none, residence:** <br> 245 Meriwether Circle <br> Alta, WY 83414  |
| | **Citizenship:** <br> Wyoming, USA  | **Citizenship:** <br> Wyoming, USA  | **Citizenship:** <br> Wyoming, USA  |
| | **Title of class of securities:** <br> Common Stock  | **Title of class of securities:** <br> Common Stock  | **Title of class of securities:** <br> Common Stock  |
| **a)** <br>**b)** <br>**c)** <br>**d)** <br>**e)**  | **CUSIP No.:** <br> 656811106  | **CUSIP No.:** <br> 656811106  | **CUSIP No.:** <br> 656811106  |
| **Item 3.** | **Item 3.** | **Item 3.** | **Item 3.** |
|  | **If this statement is filed pursuant to §240.13d-1(b) or §240.13d-2(b) or (c), check whether the person filing is a:** | **If this statement is filed pursuant to §240.13d-1(b) or §240.13d-2(b) or (c), check whether the person filing is a:** | **If this statement is filed pursuant to §240.13d-1(b) or §240.13d-2(b) or (c), check whether the person filing is a:** |
|  | (a) | ☐ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). |
|  | (b) | ☐ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c). |
|  | (c) | ☐ | Insurance company as defined in section 3(a)(19) of the Act(15 U.S.C. 78c). |
|  | (d) | ☐ | An Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8). |
|  | (e) | ☑ | An investment adviser in accordance with Section §240.13d-1(b)(1)(ii)(E). |
|  | (f) | ☐ | An Employee benefit plan or endowment fund in accordance with Section §240.13d-1(b)(1)(ii)(F). |
|  | (g) | ☐ | A Parent holding company or control person in accordance with Section §240.13d-1(b)(1)(ii)(G). |
|  | (h) | ☐ | A Savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). |
|  | (i) | ☐ | A Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3). |
|  | (j) | ☐ | A non-U.S. institution in accordance with Section §240.13d-1(b)(1)(ii)(J). |
|  | (k) | ☐ | Group, in accordance with Section §240.13d-1(b)(1)(ii)(J). |

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| **CUSIP No.656811106** | **Page 5 of 7 Pages** |

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|:---|:---|
| <BORDER_TOP> | |
| **Item 4.** | **Ownership** |
|  | **Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.** |
| (a) | Amount beneficially owned: 1,943,219. |
| (b) | Percent of class: 6.98%. |
| (c) | Number of shares as to which the person has: |
| (i) | Sole power to vote or to direct the vote 0. |
| (ii) | Shared power to vote or to direct the vote 1,943,219. |
| (iii) | Sole power to dispose or to direct the disposition of 0. |
| (iv) | Shared power to dispose or to direct the disposition of 1,943,219. Instruction. For computations regarding securities which represent a right to acquire an underlying security see §240.13d-3(d)(1).  |
| **Item 5.** | **Ownership of 5 Percent or Less of a Class.** |
|  | Not Applicable.  |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person.** |
|  | Not Applicable.  |
| **Item 7.** | **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.** |
|  | Not Applicable.  |
| **Item 8.** | **Identification and Classification of Members of the Group.** |
|  | Not Applicable.  |
| **Item 9.** | **Notice of Dissolution of Group.** |
|  | Not Applicable.  |
| **Item 10.** | **Certifications.** |
|  | Not Applicable.  |

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| **CUSIP No.656811106** | **Page 6 of 7 Pages** |

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By signing below I certify that, to the best of my knowledge and belief, 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.

 **SIGNATURE** 

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.

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|:---|
| <u>02/14/2023</u> <br> Date  |
| <u>By: /s/ J. Carlo Cannell</u> <br> Name: J. Carlo Cannell  |

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<br> **Cannell Capital LLC** <br> <u>By: /s/ J. Carlo Cannell</u> <br> Name: J. Carlo Cannell <br> Title: Managing Member <br>

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|:---|:---|
| **CUSIP No.656811106** | **Page 7 of 7 Pages** |

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 **Exhibit A** 

 **Agreement Regarding the Joint Filing of Schedule 13G** 

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|:---|:---|
| **The undersigned hereby agree as follows:** | **The undersigned hereby agree as follows:** |
| 1) | Each of them is individually eligible to use the Schedule 13G to which this Exhibit is attached, and such Schedule 13G is filed on behalf each of them; |
| 2) | Each of them is responsible for the timely filing of such Schedule 13G and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. |

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 <u>By: /s/ J. Carlo Cannell</u> <br> Name: J. Carlo Cannell <br>

<br> **Cannell Capital LLC** <br> <u>By: /s/ J. Carlo Cannell</u> <br> Name: J. Carlo Cannell <br> Title: Managing Member <br>