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Major Drilling expands into 'prolific region' with acquisition

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Major Drilling announced yesteday it paid $19.7 million to acquire Norex Drilling, a family-owned driller out of Timmins, Ontario.

The acquisition payment is a mix of cash and shares.

Major Drilling President and CEO Denis Larocque said the acquisition enables the company to gain a strong presence in the northeastern Ontario region.

"We are very excited to welcome Norex and its 120 employees into the Major Drilling group," said Larocque.

"Norex has been operating successfully in the Ontario marketplace for some 40 years, and has a solid reputation with its clients. The acquisition of Norex is a unique opportunity for Major Drilling to gain a strong position to service our customers in both surface and underground exploration drilling services in the prolific Northeastern Ontario region. The culture and operational values of both companies are very similar in terms of personnel and strategies, and this will allow us to provide our customers with expanded drilling services."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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