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.
For further information:
Denis Larocque, Chief Financial Officer
Tel: (506) 857-8636
Fax: (506) 857-9211