MSV announces Aquisition of Nitro Drilling's assets and a fully underwritten Entitlement Offer

On 9th June 2015 Mitchell Services (ASX:MSV) announced it had entered into an agreement to aquire the assets of Nitro Drilling (in receivership) for $16.1m. The acquisition is to be funded by way of an $8.5m debt facility provided by major shareholders, Mitchell Group and Washington H. Soul Pattison & Company; and a $8.67m equity raise by way of a fully underwritten Entitlement Offer.

The assets have a Replacement Valuation of A$84m - Including 25 drill rigs, 3 grouting units, 30+ Mercedes Benz trucks, 30+ trailers, 30+ Mercedes Benz Sprinters, 20+ light Vehichles and various forklifts, compressors and inventory.

The full announcement can be found at