Brief: Major Drilling To Acquire Norex Drilling Ltd

Major Drilling International

07/10/2019 12:50

Oct 7 (Reuters) - Major Drilling Group International Inc
 MDI.TO :
    * MAJOR DRILLING TO ACQUIRE NOREX DRILLING LIMITED
    * MAJOR DRILLING GROUP INTERNATIONAL INC - PURCHASE PRICE
FOR
ACQUISITION IS VALUED AT AN AMOUNT UP TO $19.7 MILLION
    * MAJOR DRILLING GROUP INTERNATIONAL INC - CASH PORTION OF
PURCHASE PRICE IS EXPECTED TO BE FUNDED FROM MAJOR DRILLING'S
CURRENT CASH BALANCE
    * MAJOR DRILLING GROUP - FOR LAST TWO YEARS, NOREX HAD
AVERAGE
YEARLY REVENUE OF APPROXIMATELY $21 MILLION AND EBITDA OF
APPROXIMATELY $5 MILLION
    * MAJOR DRILLING GROUP INTERNATIONAL INC - DEAL ALSO
INCLUDES
ADDITIONAL 22 DRILL RIGS

Source text for Eikon:  ID:nGNXbt4j6X 
Further company coverage:  MDI.TO 

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