Brief: Akita Drilling, Xtreme Drilling Announce Strategic Business Combination For About $209 Mln

AKITA Drilling

05/06/2018 13:43

June 5 (Reuters) - AKITA Drilling Ltd  AKTa.TO :
    * AKITA DRILLING LTD. AND XTREME DRILLING CORP. ANNOUNCE
STRATEGIC
BUSINESS COMBINATION
    * XTREME DRILLING CORP - TOTAL TRANSACTION VALUE IS
APPROXIMATELY
$209 MILLION
    * XTREME DRILLING CORP - TOTAL TRANSACTION VALUE INCLUDES
ASSUMPTION OF APPROXIMATELY $10 MILLION OF XTREME'S NET DEBT
    * XTREME DRILLING - XTREME SHAREHOLDERS TO RECEIVE 0.29 OF
AKITA
CLASS NON-VOTING COMMON SHARE AND $0.59 IN CASH FOR EACH SHARE
OF XTREME COMMON STOCK

Source text for Eikon:  ID:nGNX95h6k3 
Further company coverage:  AKTa.TO 

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