Discovery Air Inc. acquires Discovery Mining Services
Jan. 7, 2008, London, Ont. - David Taylor, chairman & CEO of Discovery Air Inc. is pleased to announce that the company has completed the acquisition of the business of Discovery Mining Services Ltd.
January 7, 2008 By Carey Fredericks
Jan. 7, 2008, London, Ont. – David Taylor, chairman & CEO of Discovery
Air Inc. is pleased to announce that the company has completed the acquisition
of the business of Discovery Mining Services Ltd.
The total purchase price at closing was $3 million cash, a
$2 million note payable to vendor, and $5 million in Discovery Air common
shares. In accordance with the Letter of Intent signed with the vendor, the
number of Discovery Air common shares was calculated using the volume weighted
average closing price of such shares for the 20 trading days ending 5 trading
days before closing. This calculation resulted in 4,284,140 Discovery Air
common shares being issued on closing.
DMS is a leading provider of remote exploration camps, expediting,
logistics and staking to a broad spectrum of gold, base metal, uranium, and
diamond exploration companies who conduct operations in the Northwest
Territories, Nunavut, Northern Alberta, and Northern Saskatchewan.
Mr. Taylor commented, "The acquisition of Discovery Mining is a key
component in Discovery Air's efforts to develop and deliver fully integrated,
turn-key aviation services to resource industry sector customers and
Government clients operating in the north."
Rod Brown, President of DMS stated, "We are very pleased to become a
member of Discovery Air's business alliance. This partnership not only
provides us with access to a broad spectrum of corporate administrative
services, but also improved access to Discovery Air's northern-based air
transport businesses. We see this as an opportunity to expand our service
portfolio, improve operational efficiencies and enhance customer service