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Imdex Announces to Exercise Option to Acquire Flexidrill

02 Dec 2019  |  20:19:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Imdex Exercises Option to Acquire Flexidrill

Imdex announced that it is exercising its Option to acquire Flexidrill and its patent protected drilling productivity technologies, COREVIBE and MAGHAMMER. The Company updated that the transaction is expected to be completed in January 2020 by the payment of NZ$3m cash. As reported, COREVIBE has consistently delivered substantial drilling productivity benefits in hard ground conditions at our test site in New Zealand and in client trials. The Company further updated that the consideration payable to exercise the option is NZ$3m cash, which will be funded from the Company's existing cash flow. Subsequent payments include NZ$5m (50% cash and 50% shares) payable following the successful commercialisation of MAGHAMMER).

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