CALGARY, AB, Oct. 27, 2022 /CNW/ - Cathedral Energy Services Ltd. (TSX: CET) ("Cathedral" or the "Company" or "CET") and Ensign Energy Services Inc. (TSX: ESI) are pleased to announce the acquisition of the operating assets and personnel of Ensign's Canadian directional drilling business (the "Transaction") by Cathedral for a purchase price of CAN$5.0 million. As part of the Transaction, Cathedral and Ensign have entered into a Marketing and Technology Alliance ("the Marketing Alliance") which will further help support and expand the customer base of both companies in the Canadian market. The purchase price will be satisfied through the issuance by Cathedral to Ensign Drilling Inc. of 7,017,988 common shares of Cathedral (the "Consideration Shares"). In addition to a 4-month statutory hold period on the Consideration Shares, the parties have agreed to customary contractual restrictions on resale.
Read more at newswire.caCATHEDRAL ENERGY SERVICES ACQUIRES THE CANADIAN DIRECTIONAL BUSINESS OF ENSIGN ENERGY SERVICES INC. AND FORMS STRATEGIC ALLIANCE
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