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
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
SOURCE: MAJOR DRILLING GROUP INTERNATIONAL INC.
For further information:
Denis Larocque, Chief Financial Officer
Tel: (506) 857-8636
Fax: (506) 857-9211