Major Drilling Completes The Acquisition of Taurus Drilling

About this update from Major Drilling Group International Inc.

[{"type":"text","content":"\n\n\nMONCTON, NB, Aug. 1, 2014 /CNW/ - Major Drilling Group International\n Inc. (\"Major Drilling\") (TSX: MDI) is pleased to announce that it has\n completed the previously announced acquisition of the assets and\n business of Taurus Drilling. Through this acquisition Major Drilling is\n entering into the underground percussive/longhole drilling sector with\n operations in Canada, the U.S. and Mexico.\n\n\nPursuant to this transaction, Major Drilling has acquired 39 drill rigs,\n together with related equipment, inventory and contracts.  In addition\n to purchasing the drilling assets, Major Drilling is retaining the\n operation's management teams, as well as the other employees, including\n experienced drillers.\n\n\nAs part of the previously disclosed purchase price, Major Drilling has\n issued 966,495 common shares to the Vendors, at a deemed price of\n $7.76, corresponding to the volume weighted average price of Major\n Drilling's common shares on the TSX for the five days prior to the\n announcement of the transaction.\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' varied exploration\n drilling requirements, Major Drilling maintains field operations and\n offices in Canada, the United States, Mexico, South America, Asia, and\n Africa.\n\n\nSOURCE MAJOR DRILLING GROUP INTERNATIONAL INC.\n\n\n\n Denis Larocque, Chief Financial Officer   Tel: (506) 857-8636 Fax: (506) 857-9211 [email protected] Copyright CNW Group 2014","length":2648,"tagName":"div"}]

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