CALGARY, May 24, 2018 /CNW/ - MATRRIX Energy Technologies
Inc. ("MATRRIX" or the "Corporation") (TSXV: MXX) is pleased to
announce that it has successfully completed its previously
announced acquisition (the "Acquisition") of substantially all of
the assets of Red Dog Drilling Inc. used in connection with their
land based contract drilling rig operations (the "Purchased
Assets").
Pursuant to an asset purchase agreement dated May 10, 2018 between Red Dog and MATRRIX, MATRRIX
acquired the Purchased Assets for a purchase price of $5,700,000, which has been paid as follows: (i)
the issuance of 1,573,334 common shares of the Corporation at a
deemed price of $0.45 per common
share, valued at $708,000; and (ii)
$4,992,000 in cash.
With completion of the Acquisition, MATRRIX now has 11 drilling
rigs consisting of 9 complementary heavy telescopic double drilling
rigs, 1 cantilever triple drilling rig and 1 cantilever double
drilling rig. MATRRIX will operate the Purchased Assets from
its existing Stampede Drilling Ltd. facilities located in
Estevan, Saskatchewan.
Additionally, MATRRIX continues to operate its horizontal and
directional drilling division consisting of 16 directional systems
from its field office located in Leduc,
Alberta.
Lightyear Capital Inc. acted as financial advisor to MATRRIX in
respect of the Acquisition.
About MATRRIX
MATRRIX is a public company engaged in the provision of
horizontal and directional drilling technologies and land based
contract drilling rig business for the oil and natural gas industry
focused in the Western Canadian Sedimentary Basin. The
Corporation's common shares are listed for trading on the TSX
Venture Exchange under the symbol "MXX".
Certain statements contained in this press release constitute
forward-looking information. This information relates to future
events or the Corporation's future performance. All information
other than statements of historical fact is forward-looking
information. The use of any of the words "anticipate", "plan",
"contemplate", "continue", "estimate", "expect", "intend",
"propose", "might", "may", "will", "could", "believe", "predict"
and "forecast" are intended to identify forward-looking
information. In particular, this press release contains
forward-looking information pertaining to the Corporation's
operation of the Purchased Assets from its Estevan, Saskatchewan facilities and the
operation of the horizontal and directional drilling division from
its field office in Leduc,
Alberta. This forward-looking information involves material
assumptions and known and unknown risks and uncertainties, certain
of which are beyond the Corporation's control. Actual results,
performance or achievements could differ materially from those
expressed in, or implied by, this forward-looking information and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking information will transpire or
occur, or if any of them do so, what benefits the Corporation will
derive therefrom. The forward-looking information contained herein
is provided as at the date hereof and the Corporation does not
undertake any obligation to update publicly or to revise any of the
included forward-looking information, whether as a result of new
information, future events or otherwise, except as may be required
by applicable securities laws.
The securities referred to in this press release have not been
and will not be registered under the
United States Securities Act of 1933, as amended, and
may not be offered or sold in the United
States absent registration or applicable exemption from the
registration requirements. This press release does not constitute
an offer to sell or the solicitation of any offer to buy nor will
there be any sale of these securities in any province, state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such province, state or jurisdiction.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.