Energold Drilling Corp. acquired Cros-Man Direct Underground Ltd. for CAD 5.9 million.
Energold Drilling has agreed to retain the existing management and employees of Cros-Man Direct Underground. Energold expects the acquisition to be immediately accretive to its net income per share. CB4 Consulting Inc. acted as financial advisor and Ammeter Law Group acted as legal advisor for Cros-Man Direct Underground. EY acted as financial advisor and Norton Rose Fulbright Canada LLP acted as legal advisor for Cros-Man Direct Underground. As part of the completion of the acquisition, Energold Drilling has agreed to pay on the closing date, a finder's fee of approximately CAD 0.12 million to Osprey Capital Partners Inc. and an additional amount of up to CAD 0.008 million for each of the next three years following closing. Energold Drilling was assisted in financing the transaction from RBC Royal Bank. Osprey Capital Partners Inc. acted as financial advisor to Energold Drilling Corp.
Energold Drilling Corp. (TSXV:EGD) completed the acquisition of Cros-Man Direct Underground Ltd. on March 4, 2016.