Key Developments: Tuscany International Drilling Inc (TIDZF.PK)
0.15USD
24 May 2013
$-0.01 (-8.85%)
$0.17
$0.16
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$0.15
62,500
85,399
$0.53
$0.10
Latest Key Developments (Source: Significant Developments)
Tuscany International Drilling Inc Announces Appointment Of New President, Chief Executive Officer And Chairman
Tuscany International Drilling Inc announced that Mr. Walter Dawson has been appointed Company's new President and Chief Executive Officer and Mr. Donald Wright has been appointed Company's new Chairman. Full Article
Tuscany International Drilling Inc Announces Board Changes
Tuscany International Drilling Inc announced that Reg Greenslade, President, CEO and a Director of the Company, has submitted his resignation, effective February 3, 2013, in order to pursue other business opportunities. Mr. Greenslade will be with the organization until February 3, 2013 in order to assist with a smooth transitioning of his responsibilities. Full Article
Tuscany International Drilling Inc Announces Amendment and Restatement of Credit Agreement
Tuscany International Drilling Inc announced that the Company's existing credit agreement with Credit Suisse and certain other lenders has been further amended and restated. The USD210 million term loan that is outstanding has been extended and matures on September 14, 2017 with the quarterly principal repayments commencing on December 15, 2013, other than two USD2 million principal repayments required to be made on each of June 15, 2013 and September 15, 2013. The term loan facility was not increased. Full Article
Tuscany International Drilling Inc Signs Contract in Brazil; Commences Operations in Trinidad, And Begins Trading on the Colombian Stock Exchange
Tuscany International Drilling Inc announced that it has signed a contract with Petroleo Brasileiro SA Petrobras (Petrobras) for one year with an option for an additional year for its D6 rig in Brazil. The D6 rig is a 750 HP rig acquired through the acquisition of Drillfor. It is anticipated that this rig will move to location the second week of December 2011 to begin operations. This contract is the Company's third contract with Petrobras and this rig will be the sixth Tuscany rig working in Brazil. Tuscany currently has four other rigs undergoing major refurbishment in Brazil, the first of which is expected to be back in operation in the first quarter of 2012. The remaining three rigs are expected to complete their refurbishment in the last half of 2012. Tuscany has also mobilized its first rig, Rig 120, to Trinidad. In addition, Tuscany's common shares began trading on the Colombian Stock Exchange on December 1, 2011 under the symbol TIDC. The listing of Tuscany's common shares does not involve the issuance of new shares or other securities. Tuscany's common shares will continue to trade on the Toronto Stock Exchange under the symbol TID. Full Article
Maurel & Prom Announces Completion of Caroil SAS Acquisition by Tuscany International Drilling Inc
Maurel & Prom announced that it has closed on November 15, 2011, the acquisition by TUSCANY INTERNATIONAL DRILLING INC of all of the issued and outstanding shares of Caroil SAS. The transaction includes the following financial terms: payment on November 15 , 2011, of USD 117 million (USD 3 million already paid as deposit); issuance for the exclusive benefit of Maurel & Prom of : 81,500,000 common shares of Tuscany listed in Toronto (TSX:TID) and 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany. Pursuant to the terms of the shareholder rights agreement entered into at closing, appointment of two new board members designated by Maurel et Prom main shareholder at the present time. Full Article
Tuscany International Drilling Inc.'s Subsidiary To Acquire Maurel & Prom's Caroil SAS
Tuscany International Drilling Inc. and Etablissements Maurel & Prom (M&P), a French exploration and production company, announced entering into a definitive agreement whereby Tuscany's wholly owned subsidiary Tuscany Rig Leasing S.A. (the Buyer) will acquire all of the issued and outstanding shares of Caroil SAS (Caroil), the drilling and work-over subsidiary of M&P (the Acquisition). All figures contained herein are in USD dollars unless otherwise noted. Canadian currency has been converted at CAD1.02:USD1.00. The purchase price will be paid by Tuscany, on behalf of the Buyer, by the delivery of $120 million in cash, 82.5 million common shares of Tuscany (Tuscany Shares) and 27.5 million zero cost, non-transferable, non-voting common share purchase warrants which are further described below (the Warrants). The purchase price for the Acquisition was negotiated based on an agreed upon share price of CAD1.53 per Tuscany share to be issued to M&P which was not subject to increase or decrease as a result of the market price of the Tuscany Shares during the course of negotiations with M&P. The current enterprise value of Caroil based on the closing price for Tuscany Shares on the Toronto Stock Exchange on June 20, 2011 is approximately $202 million (prior to transaction costs). At closing of the Acquisition, Caroil will be required to have $37 million in working capital and will have no third party debt. Full Article
Tuscany International Drilling Inc. Announces Separation of Offices of Chairman And Chief Executive Officer
Tuscany International Drilling Inc. announced that the TSX advised the Corporation that it was the TSX's position that the offices of Chairman and Chief Executive Officer be held by separate individuals. As the Company did not have a candidate to hold the position of Chief Executive Officer at that time, the TSX requested Mr. Walter Dawson to provide an undertaking to step down as either Chairman or Chief Executive Officer of Tuscany within one year of listing, allowing Tuscany such period of time to identify an appropriate candidate. Tuscany subsequently obtained from the TSX an extension of that period of time until the date of Tuscany's upcoming annual shareholders meeting to be held on June 29, 2011, at which time Mr. Dawson will step down as the Chief Executive Officer and Mr. Reg Greenslade, the current President of the Company, will assume the additional office of Chief Executive Officer. Mr. Dawson will continue to be active in the Company as Executive Chairman. Full Article
TEXT-Fitch withdraws Tuscany International Drilling Inc.'s expected bond rating
(The following statement was released by the rating agency)
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