Mitchell Services (ASX:MSV) set to acquire Deepcore Drilling

Company News

by Katrina Bullock

Mitchell Services (ASX:MSV) has penned an agreement to acquire Deepcore Drilling for approximately $15 million cash, and 250 million fully paid ordinary Mitchell Services shares at an agreed issue price of 6.8 cents per share.

Deepcore Drilling is a privately-owned drilling business that provides services to the mining and infrastructure industries, specialising in highly technical underground mobile drilling, diamond drilling, acoustic and deep directional drilling.

The company says the acquisition “will make Mitchell Services one of the largest and most diversified drilling services providers in Australia”.

The acquisition will strengthen Mitchell Services’ market position with regard to diversity of drilling type, commodity and geography. Completion is subject to several conditions precedent but is expected to occur by the end of this calendar year.

Shares in Mitchell Services (ASX:MSV) are trading 8.9 per cent higher at 6 cents

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.