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Company News Summary

Imdex Enters the Secondary Option Period to Acquire Flexidrill

12 Feb 2019  |  08:40:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Imdex Enters Secondary Option Period

Imdex entered the Secondary Option Period to acquire NZ-based companies Flexidrill and Flexidrill Construction (together Flexidrill) and its patent protected technologies - the COREVIBE and MAGHAMMER. The Company's decision to progress the COREVIBE and MAGHAMMER towards commercialisation is based on demand from drilling contractors and resource companies, together with successful trials at the Company's test site in NZ. The Secondary Option Period will allow the Company to conduct further product development and testing, whilst establishing its supply chain and manufacturing requirements. The consideration to enter the Secondary Option Period was varied from NZ$5.0m to NZ$3m in Company shares to allow for NZ$2.0m cash being applied to additional investment in product development.

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