# EDGAR Filing Document

**Accession Number:** 0001368519
**File Stem:** 0001193125-23-025116
**Filing Date:** 2023-2
**Character Count:** 9271
**Document Hash:** 4a97200e96d8702aba50c412a94a10fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-025116.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001193125-23-025116

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

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**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:** 23589237

**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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**SCHEDULE 13G** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No. 7)\*** 

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## North American Construction Group Ltd.
**(Name of Issuer)** 

**Common Shares** 

**(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)

\* 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.

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 Notes).

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| | | |
|:---|:---|:---|
| **CUSIP No. 656811106** | **13G** | **Page 2 of 5 Pages** |

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1. &nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON &nbsp;&nbsp;&nbsp;&nbsp; Claret Asset Management Corporation

2. &nbsp;&nbsp;&nbsp;&nbsp; CHECK THE APPROPRIATE BOX
IF A MEMBER OF A GROUP &nbsp;&nbsp;&nbsp;&nbsp; (a) ☐ (b) ☐

3. &nbsp;&nbsp;&nbsp;&nbsp; SEC USE ONLY

4. &nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF
ORGANIZATION &nbsp;&nbsp;&nbsp;&nbsp; **Canada**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH: | 5. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,248,536 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH: | 6. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED VOTING POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;__ |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH: | 7. | &nbsp;&nbsp;&nbsp;&nbsp;SOLE DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;2,248,536 |
| &nbsp;&nbsp;&nbsp; NUMBER OF<br> SHARES<br> BENEFICIALLY <br> OWNED BY<br> EACH<br> REPORTING<br> PERSON<br> WITH: | 8. | &nbsp;&nbsp;&nbsp;&nbsp;SHARED DISPOSITIVE POWER<br>&nbsp;&nbsp;&nbsp;&nbsp;__ |

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9. &nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON &nbsp;&nbsp;&nbsp;&nbsp; 2,248,536

10. &nbsp;&nbsp;&nbsp;&nbsp; CHECK BOX IF THE AGGREGATE
AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES &nbsp;&nbsp;&nbsp;&nbsp; ☐

11. &nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS
REPRESENTED BY AMOUNT IN ROW (9) &nbsp;&nbsp;&nbsp;&nbsp; 8.07%

12. &nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING
PERSON &nbsp;&nbsp;&nbsp;&nbsp; IA

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| | | |
|:---|:---|:---|
| **CUSIP No. 656811106** | **13G** | **Page 3 of 5 Pages** |

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| | | |
|:---|:---|:---|
| **Item 1(a).** | **Name of Issuer:** | **Name of Issuer:** |
|  | North American Construction Group Ltd. | North American Construction Group Ltd. |
| **Item 1(b).** | **Address of Issuer's Principal Executive Offices:** | **Address of Issuer's Principal Executive Offices:** |
|  | 27287-100 Avenue, Acheson, Alberta, T7X 6H8 | 27287-100 Avenue, Acheson, Alberta, T7X 6H8 |
| **Item 2(a).** | **Name of Person Filing:** | **Name of Person Filing:** |
|  | Claret Asset Management Corporation ("CAMC") | Claret Asset Management Corporation ("CAMC") |
| **Item 2(b).** | **Address of Principal Business Office or, if none, Residence:** | **Address of Principal Business Office or, if none, Residence:** |
|  | 900 de Maisonneuve O., Suite 1900, Montreal, Quebec, Canada H3A 0A8 | 900 de Maisonneuve O., Suite 1900, Montreal, Quebec, Canada H3A 0A8 |
| **Item 2(c).** | **Citizenship:** | **Citizenship:** |
|  | Quebec, Canada | Quebec, Canada |
| **Item 2(d).** | **Title of Class of Securities:** | **Title of Class of Securities:** |
|  | Common Shares | Common Shares |
| **Item 2(e).** | **CUSIP Number:** | **CUSIP Number:** |
|  | 656811106 | 656811106 |
| Item 3. | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), indicate type of person filing.**<br>☒ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) | **If this statement is filed pursuant to §§240.13d-1(b) or 240.13d-2(b) or (c), indicate type of person filing.**<br>☒ An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E) |
| **Item 4.** | **Ownership.** | **Ownership.** |
|  | (a) | Amount beneficially owned: **2,248,536** |
|  | (b) | Percent of class: **8.07%** |
|  | (c) | Number of shares as to which such person has: |
|  |  | (i) Sole power to vote or direct the vote: **2,248,536** |
|  |  | (ii) Shared power to vote or direct the vote: — |
|  |  | (iii) Sole power to dispose or to direct the disposition of: **2,248,536** |
|  |  | (iv) Shared power to dispose or to direct the disposition of: — |

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| | | |
|:---|:---|:---|
| **CUSIP No. 656811106** | **13G** | **Page 4 of 5 Pages** |

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| | |
|:---|:---|
|  | 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 31, 2022, including shares issuable upon the conversion of convertible debentures, and (ii) the number of Common Shares outstanding as of October 24, 2022 (27,827,282 shares) as reported by the Issuer in its Form 6-K filed with the Securities and Exchange Commission on October 26, 2022. |
| **Item 5.** | **Ownership of Five Percent or Less of a Class.** |
|  | Not applicable. |
| **Item 6.** | **Ownership of More than Five Percent on Behalf of Another Person.** |
|  | Other persons have the right to receive proceeds from the sale of securities reflected herein. |
| **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.** |
|  | 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. |

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**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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| | | |
|:---|:---|:---|
| Date: February 6, 2023 | Claret Asset Management Corporation | Claret Asset Management Corporation |
|  | By: | /s/ Monique Gravel |
|  | Name: Monique Gravel | Name: Monique Gravel |
|  | Title: Chief Executive Officer | Title: Chief Executive Officer |

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