Business
MATRRIX Energy Technologies Inc. to acquire D2 Drilling Inc. and drilling rig assets
MATRRIX Energy Technologies Inc. to acquire D2 Drilling Inc. and drilling rig assets ...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMATRRIX Energy Technologies Inc. to acquire D2 Drilling Inc. and drilling rig assets\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, Jan. 17, 2018\n\n\n\nCALGARY, Jan. 17, 2018 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSXV: MXX) is pleased to announce that it has entered into an agreement to acquire all the issued and outstanding shares of D2 Drilling Inc. (\"D2\"), a private corporation which owns one heavy telescopic double drilling rig in the Weyburn/Estevan area of southeast Saskatchewan (the \"Acquisition\").\n\nUnder the terms of a share purchase agreement between MATRRIX and all shareholders of D2 (the \"Share Purchase Agreement\"), MATRRIX has agreed to acquire all the issued and outstanding shares of D2 (the \"D2 Shares\") for total consideration of approximately $3.53 million, consisting of the issuance of 6,666,660 common shares of MATRRIX (\"MATRRIX Shares\") at a deemed price of $0.45 per share, and a cash payment of $530,000 equal to D2's working capital at the time of closing.\n\nHolders of D2 Shares (the \"D2 Shareholders\") will receive, for each D2 Share, 1.20992 MATRRIX Shares and a cash amount equal to .09624, assuming D2's working capital, as contemplated in the Share Purchase Agreement, is $530,000 at the time of closing. \n\nPursuant to the Acquisition, MATRRIX will acquire one heavy telescopic double with strong historic utilization, and crews that deliver quality consistent with the Corporation's existing Stampede Drilling (Stampede) division based in S.E. Saskatchewan. Stampede will market the D2 rig alongside the six rigs currently within Stampede's fleet. The D2 rig is essentially a sister rig to the existing Stampede rigs, allowing Stampede management to share equipment and crews, maximizing efficiency, field performance, and cost control.\n\nWith the previously announced acquisition of 3 drilling rigs from Vortex Drilling Ltd. and the acquisition of 3 drilling rigs through its acquisition of Stampede Drilling Ltd., upon closing this Acquisition, MATRRIX will ...