NEW BRUNSWICK – Major Drilling Group International of Moncton has issued 5.9 million subscription receipts, raising $70 million for its planned purchased of the Bradley Bros. Limited of Rouyn-Noranda, QC. The offering was underwritten by a syndicate led by TD Securities.
Earlier this month, Major Drilling announced its intention to acquire Bradley for a total cash price of $80 million. The 124 drill rigs and 841 employees of Bradley will join Major Drilling’s 4,362 employees and 571 drill rigs. Major Drilling said its interest in Bradley is to advance Major’s footprint in northern Quebec and Ontario, the Philippines, Latin America, Suriname and the gold industry.
The deal is to close on or about Sept. 30, 2011, subject to customary closing conditions. See www.MajorDrilling.com for details.