Major Drilling Group Intl Stock (OTC: MJDLF)

Latest news for Major Drilling Group Intl (OTC:MJDLF) Stock

Major Drilling Group International Inc is engaged in the business of contract drilling, and it provides services to companies that are involved in mining and mineral exploration. It offers surface and underground coring, directional, reverse circulation, sonic, geotechnical, environmental, water-well, coal-bed methane, shallow gas, and underground percussive/long-hole drilling services, as well as various drilling-related mine services. Its geographical segments are Canada - the United States; South and Central America; and Australasia and Africa, of which majority of its revenue comes from Canada - the United States.

MAJOR DRILLING GRP INTL by Major Drilling Group International Inc.

Major Drilling Group International Inc

Major Drilling Group Intl

Major Drilling (OTC: <a class="ticker" href="/stock/mjdlf#OTC">MJDLF</a>) is pleased to announce
 its entry into the underground percussive/longhole drilling sector with
 its agreement to purchase the operations of Taurus Drilling Services.&nbsp;
 This business operates in Canada, the U.S. and Mexico, providing
 underground percussive/longhole drilling to mining company clients.


Through this purchase, Major Drilling will acquire 39 drill rigs,
 together with related equipment, inventory and contracts.&nbsp; In addition
 to purchasing the drilling assets, Major Drilling is retaining the
 operation's management teams, as well as the other employees, including
 experienced drillers.&nbsp; Over the past 12 months the operations of Taurus
 have produced revenue of approximately $38 million and EBITDA of
 approximately $8 million. The closing of the transaction is currently
 scheduled for August 1, 2014, and is subject to normal closing
 conditions.


Subject to adjustment under the Agreement, Major Drilling will pay
 C$27.7 million on closing (consisting of $15.9 million in cash, $7.5
 million in Major Drilling shares and $4.3 million in assumption of
 debt) and an additional maximum amount of C$11.5 million tied to
 performance.&nbsp; The additional payout period extends for three years,
 commencing on August 1, 2014, and payments are contingent on growing
 EBITDA run rates above current levels.


"We are very
    
    <a href="http://www.benzinga.com/pressreleases/14/07/n4714900/major-drilling-announces-agreement-to-purchase-the-business-of-taurus-d">See full press release</a>

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Monday, July 21, 2014

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