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CWC Well Services Corp announces strategic acquisition of Ironhand Drilling Inc and 25 mln equity financing


Thursday, 20 Mar 2014 08:23am EDT 

CWC Well Services Corp and Ironhand Drilling Inc:Enters into arrangement agreement to combine CWC's premier well servicing fleet with Ironhand's contract drilling fleet.Combined company will operate one of newest fleets of equipment in each of its service lines.CWC will acquire all of issued and outstanding shares of Ironhand in exchange for combination of cash and CWC common shares.Ironhand shareholders will, for each share held of 5.119048 common shares of CWC for each Class A or Class B common share of Ironhand implying purchase price of $4.30 per Class A or Class B common share of Ironhand at price of $0.84 per common share of CWC.Says $4.30 in cash per Class A or Class B common share of Ironhand up to a maximum aggregate cash amount of $23,724,000.Total transaction value is about $103 mln, including the assumption of about $17.0 mln in Ironhand total debt, which includes Ironhand transaction and severance costs.Enters into agreement, on bought deal basis, with syndicate of underwriters led by FirstEnergy Capital Corp. and including Acumen Capital Finance Partners Limited.Pursuant to which the Underwriters have agreed to purchase for resale to public 29,800,000 subscription receipts of CWC at price of $0.84 per Subscription Receipt for gross proceeds of about $25 mln.Net proceeds will be used by CWC to fund cash portion of the purchase price of the Transaction and for working capital and general corporate purposes. 

Company Quote

0.75
-0.01 -1.32%
22 Oct 2014