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CATHEDRAL ENERGY SERVICES LTD. ANNOUNCES STRATEGIC ACQUISITION OF RIME DOWNHOLE TECHNOLOGIES, LLC
CATHEDRAL ENERGY SERVICES LTD. ANNOUNCES STRATEGIC ACQUISITION OF RIME DOWNHOLE TECHNOLOGIES, LLC...
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[{"type":"text","content":"\n \n \n \n CATHEDRAL ENERGY SERVICES LTD. ANNOUNCES STRATEGIC ACQUISITION OF RIME DOWNHOLE TECHNOLOGIES, LLC\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: RIGHT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; TEXT-ALIGN: CENTER; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt\n}\n.prngen4{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt; BORDER-RIGHT:black 0.5pt solid; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 0.5pt solid\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 11, 2023\n \n \n /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) (\"\n \n Cathedral\n \n \" or the \"\n \n Company\n \n \") today announced the acquisition of Rime Downhole Technologies, LLC (\"\n \n Rime\n \n \"), through a wholly-owned subsidiary, for an aggregate purchase price of approximately USD$41 million (approximately\n \n CAD$55 million\n \n ) comprised of USD$21 million cash and USD$20 million in subordinated exchangeable promissory notes (\"\n \n EP Notes\n \n \") that are exchangeable into a maximum of 24,570,000 common shares (\"\n \n Common Shares\n \n \") of Cathedral (the \"\n \n Transaction\n \n \").\n \n \n Rime is a\n \n Texas\n \n -based engineering company founded in 2012 that specializes in building products for the downhole measurement-while-drilling (\"\n \n MWD\n \n \") industry. Rime offers a broad array of proprietary MWD components, including pulsers, pulser drivers, shock isolators and gamma modules. Rime's Slick-HD\n \n TM\n \n Pulser and Agilis\n \n TM\n \n Driver are the leading pulser solutions in the U.S. onshore marketplace.\n \n \n...