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GREENWICH, CT, March 13, 2020 /CNW/ - Mill Road Capital III, L.P. ("MRC"), a Cayman Islands limited partnership, announces that it acquired ownership of 100,000 common shares (the "Acquired Shares") of Major Drilling Group International Inc. (the "Company") on March 12, 2020. The Acquired Shares were acquired through the facilities of the Toronto Stock Exchange at a price equal to $3.0645 per common share, for aggregate consideration paid that is equal to $306,450.
Prior to the acquisition of the Acquired Shares, MRC owned a total of 8,045,840 common shares of the Company, representing approximately 9.98% of the Company's currently outstanding common shares. As a result of the acquisition of the Acquired Shares, MRC now owns a total of 8,145,840 common shares of the Company, representing approximately 10.10% of the currently outstanding common shares of the Company (the calculations of the foregoing percentages are based on 80,634,153 common shares of the Company outstanding as of February 27, 2020, as reported in the Management's Discussion and Analysis for the Third Quarter Fiscal 2020 of the Company filed with Canadian securities regulatory authorities).
The Acquired Shares, along with all other common shares of the Company owned by MRC, were acquired in the ordinary course of business and are presently being held for investment purposes.
MRC intends to continuously review its investment in the Company. Depending upon its evaluation of the factors described below, MRC may from time to time purchase additional common shares of the Company, dispose of all or a portion of the common shares then held by MRC, or cease buying or selling such common shares. Any such additional purchases or sales of common shares of the Company may be in the open market, in privately negotiated transactions or otherwise.
MRC may wish to engage in a constructive dialogue with officers, directors and other representatives of the Company, as well as the Company's shareholders. Topics of discussion may include, but are not limited to, the Company's markets, operations, competitors, prospects, strategy, personnel, directors, ownership and capitalization. MRC may also enter into confidentiality or similar agreements with the Company and, subject to such an agreement or otherwise, exchange information with the Company. The factors that MRC may consider in evaluating its investment in the Company's business include the following: (i) the Company's business and prospects; (ii) the performance of the common shares of the Company and the availability of the common shares for purchase at particular price levels; (iii) the availability and nature of opportunities to dispose of MRC's interests; (iv) general economic conditions; (v) stock market conditions; (vi) other business and investment opportunities available to MRC; and (vii) other plans and requirements of MRC.
MRC intends to continuously review its options but, except as set forth above, does not have at this time any other specific plans that relate to or that would result in any of the transactions or other matters specified in clauses (a) through (k) of Item 5 of Form 62-103F1; provided, that MRC may, from time to time, review, reconsider or modify its present intention.
The business address of MRC is located at 382 Greenwich Avenue, Suite One, Greenwich, Connecticut 06830 c/o Mill Road Capital Management LLC.
The head office of the Company is located at 111 St. George Street, Suite 100, Moncton, New Brunswick, E1C 1T7.
A copy of the early warning report required to be filed under applicable Canadian securities laws will appear with the Company's documents on the System for Electronic Document Analysis and Retrieval at www.sedar.com.
SOURCE Mill Road Capital III, L.P.
For further information: or to obtain a copy of the related early warning report, please contact: Thomas E. Lynch, Tel: (203) 987-3500