Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Major Drilling Group International Inc. (“Major Drilling” or the “Corporation“) (TSX: MDI) is pleased to announce that it has received a notice from the syndicate of underwriters led by TD Securities Inc. and including Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Beacon Securities Limited., Jennings Capital Inc. and Salman Partners Inc. (the “Underwriters“), exercising the over-allotment option to purchase an additional 885,000 common shares of the Corporation at a price of $11.90 per common share for aggregate proceeds of $10,531,500 (the “Over-Allotment“). The over-allotment option was granted to the Underwriters in connection with a previously announced offering of subscription receipts of the Corporation which were exchanged for common shares on the closing of the acquisition of Bradley Group Limited on September 30, 2011.
Closing of the Over-Allotment is expected to occur on or about October 25, 2011.
About Major Drilling
Based in Moncton, New Brunswick, Major Drilling is one of the world’s largest metals and minerals contract drilling service companies. To support its customers’ mining operations, mineral exploration and environmental activities, Major Drilling maintains operations in Canada, the United States, South and Central America, Australia, Asia and Africa.
This press release may contain forward looking information within the meaning of applicable securities laws including, without limitation, those identified by the expressions “expect” “intend” and similar expressions to the extent they relate to Major Drilling. Forward looking information is not historical fact but reflects Major Drilling’s current expectations regarding future results or events. Forward looking information is subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including the timing of the closing, the closing of the Over-Allotment, issue of the common shares, use of proceeds received from the Over-Allotment and general economic and industry conditions. Although Major Drilling believes that the assumptions inherent in the forward looking information are reasonable, forward looking information is not a guarantee of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The forward looking information contained herein is expressly qualified in its entirety by this cautionary statement. The forward looking information contained herein is made as of the date of this press release, and the Corporation undertakes no obligation to publicly update such forward looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws.
All dollar values are quoted in Canadian dollars.
THIS NEWS RELEASE IS NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES AND IS NOT AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF MAJOR DRILLING, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR PURCHASE OR SUBSCRIPTION. THE SECURITIES REFERRED TO IN THIS NEWS RELEASE WERE ONLY OFFERED IN CERTAIN PROVINCES OF CANADA BY MEANS OF PROSPECTUS. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT OR AN EXEMPTION FROM REGISTRATION THEREUNDER. THE SECURITIES REFERRED TO IN THIS NEWS RELEASE HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION UNDER THE U.S. SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION THEREFROM.
