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MATRRIX Energy Technologies Inc. accounces closing of acquisition of land based contract drilling rig assets from Red Dog Drilling Inc.
MATRRIX Energy Technologies Inc. accounces closing of acquisition of land based contract d...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMATRRIX Energy Technologies Inc. accounces closing of acquisition of land based contract drilling rig assets from Red Dog Drilling Inc.\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 24, 2018\n\n\n\nCALGARY, May 24, 2018 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSXV: MXX) is pleased to announce that it has successfully completed its previously announced acquisition (the \"Acquisition\") of substantially all of the assets of Red Dog Drilling Inc. used in connection with their land based contract drilling rig operations (the \"Purchased Assets\").\n\nPursuant to an asset purchase agreement dated May 10, 2018 between Red Dog and MATRRIX, MATRRIX acquired the Purchased Assets for a purchase price of $5,700,000, which has been paid as follows: (i) the issuance of 1,573,334 common shares of the Corporation at a deemed price of $0.45 per common share, valued at $708,000; and (ii) $4,992,000 in cash.\n\nWith completion of the Acquisition, MATRRIX now has 11 drilling rigs consisting of 9 complementary heavy telescopic double drilling rigs, 1 cantilever triple drilling rig and 1 cantilever double drilling rig.  MATRRIX will operate the Purchased Assets from its existing Stampede Drilling Ltd. facilities located in Estevan, Saskatchewan.  Additionally, MATRRIX continues to operate its horizontal and directional drilling division consisting of 16 directional systems from its field office located in Leduc, Alberta.\n\nLightyear Capital Inc. acted as financial advisor to MATRRIX in respect of the Acquisition.\n\nAbout MATRRIX\n\nMATRRIX is a public company engaged in the provision of horizontal and directional drilling technologies and land based contract drilling rig business for the oil and natural gas industry focused in the Western Canadian Sedimentary Basin.  The Corporation's common shares are listed for trading on the TSX Venture Exchange under the symbol \"MXX\".\n\nCertain statements contained in this press release constitute forward-looking information. This information relates to f...