MONCTON, NB,
Aug. 1, 2014 /CNW/ - Major Drilling
Group International Inc. ("Major Drilling") (TSX: MDI) is pleased
to announce that it has completed the previously announced
acquisition of the assets and business of Taurus Drilling. Through
this acquisition Major Drilling is
entering into the underground percussive/longhole drilling sector
with operations in Canada, the
U.S. and Mexico.
Pursuant to this transaction, Major Drilling has acquired 39 drill rigs,
together with related equipment, inventory and contracts. In
addition to purchasing the drilling assets, Major Drilling is retaining the operation's
management teams, as well as the other employees, including
experienced drillers.
As part of the previously disclosed purchase
price, Major Drilling has issued
966,495 common shares to the Vendors, at a deemed price of
$7.76, corresponding to the volume
weighted average price of Major
Drilling's common shares on the TSX for the five days prior
to the announcement of the transaction.
Based in Moncton, New
Brunswick, Major Drilling Group International Inc. is one of
the world's largest metals and minerals contract drilling service
companies. To support its customers' varied exploration drilling
requirements, Major Drilling
maintains field operations and offices in Canada, the United
States, Mexico,
South America, Asia, and Africa.
SOURCE MAJOR DRILLING GROUP INTERNATIONAL INC.