Major Drilling announces closing of $70 million offering

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\n\n\n\n/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\nMONCTON, NB, Sept. 28, 2011 /CNW/ - Major Drilling Group International\n Inc. (\"Major Drilling\" or the \"Corporation\") (TSX: MDI) is pleased to announce that it has closed its prospectus\n offering of subscription receipts (\"Subscription Receipts\"). The Corporation issued a total of 5,900,000 Subscription Receipts at\n a price of $11.90 per Subscription Receipt for aggregate gross proceeds\n of $70,210,000 (the \"Offering\").\n\n\nThe Offering was underwritten by a syndicate of underwriters led by TD\n Securities Inc. that included Scotia Capital Inc., CIBC World Markets\n Inc., RBC Dominion Securities Inc., Beacon Securities Ltd., Jennings\n Capital Inc. and Salman Partners Inc. (collectively, the \"Underwriters\").\n\n\nMajor Drilling intends to use the net proceeds of the Offering to fund a\n portion of the purchase price of $80 million (subject to adjustments)\n payable in connection with its previously announced acquisition of\n Bradley Group Limited, a drilling company based in Rouyn Noranda,\n Quebec (Canada) (the \"Acquisition\").\n\n\nClosing of the Acquisition is expected to occur on or about September\n 30, 2011, subject to the satisfaction or waiver of remaining customary\n closing conditions. Upon the closing of the Acquisition, each\n Subscription Receipt will be exchanged for one common share of the\n Corporation without payment of additional consideration or further\n action on the part of the holder thereof.\n\n\nAbout Major Drilling\n\n\nBased in Moncton, New Brunswick, Major Drilling Group International Inc.\n is one of the world's largest metals and minerals contract drilling\n service companies. To support its customers' mining operations, mineral\n exploration and environmental activities, Major Drilling maintains\n operations in Canada, the United States, South and Central America,\n Australia, Asia, and Africa.\n\n\nThis press release contains forward-looking information within the\n meaning of applicable securities laws. All information and statements\n other than statements of historical facts contained in this press\n release are forward-looking information. These statements are\n \"forward-looking\" because they are based on current expectation...

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