Business
MATRRIX Energy Technologies Inc. to Acquire Oil and Gas Drilling Assets from Red Dog Drilling Inc.
MATRRIX Energy Technologies Inc. to Acquire Oil and Gas Drilling Assets from Red Dog Drill...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMATRRIX Energy Technologies Inc. to Acquire Oil and Gas Drilling 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 10, 2018\n\n\n\nCALGARY, May 10, 2018 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSXV: MXX) is pleased to announce that it has entered into an asset purchase agreement (the \"Agreement\") with Red Dog Drilling Inc. (\"Red Dog\") pursuant to which MATRRIX has agreed to acquire (the \"Acquisition\") all of the assets of Red Dog used in connection with their land-based oil drilling and gas drilling operations (the \"Purchased Assets\"). \n\nPursuant to the Agreement, MATRRIX will acquire the Purchased Assets for a purchase price of $5,700,000, to be 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\nPursuant to the Acquisition, MATRRIX will acquire 4 drilling rigs, and related drilling equipment, consisting of the following:\n\n\n2 heavy telescopic double drilling rigs complementary to MATRRIX'S existing drilling rig fleet with a depth rating of 4,000 meters;\n1 cantilever triple drilling rig with a depth rating of 5,000 meters; and\n1 cantilever double drilling rig with a depth rating of 2,800 meters. \n\nClosing of the Acquisition is subject to certain customary conditions, including the approval by the shareholders of Red Dog and receipt of all regulatory approvals, including the approval of the TSX Venture Exchange (\"TSXV\"). The board of directors of Red Dog has unanimously determined that the Acquisition is in the best interest of the Red Dog shareholders. Certain Red Dog shareholders, holding approximately 67.3% of the currently outstanding Red Dog shares, have indicated their agreement to vote their Red Dog shares in favour of the Acquisition. It is anticipated that the Acquisition will close on or about May 31, 2018.\n\nLightyear Capital Inc. acted as financial advisor to MATRRIX on the Acquisition.\n\nFollowing the succ...