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Hughes Drilling Ltd Agrees To Acquire Reichdrill Inc And Raises AUD18.5 Million To Fund Acquisition And Accelerate Growth

Sunday, 17 Mar 2013 08:15pm EDT 

Hughes Drilling Ltd announced that its subsidiary, Reichdrill Australia Pty Ltd (Buyer) , and the holder of 100% of the issued share capital in Reichdrill Inc have agreed to the terms of a sale and purchase agreement (SPA) for the acquisition of 100% of the issued share capital in Reichdrill, the long standing and exclusive supplier of blast hole production rigs to Hughes (Acquisition). Hughes Drilling announced that it has received binding commitments from existing shareholders and new institutional and sophisticated investors in Australia and overseas for a privates of new ordinary share at an issue price of AUD0.32 per share to raise AUD18.5 million (Placement). The funds will be used to acquire Reichdrill and new production rigs to respond to increasing production drilling demand. 

Company Quote

-0.0050 -4.17%
30 Jan 2015