Major Drilling Announces Shareholder Approval For 3:1 Stock Split
MONCTON, NB, March 9 /CNW/ --
MONCTON, NB, March 9 /CNW/ - Major Drilling Group International Inc.
(TSX: MDI) ('Major Drilling' or the 'Company') announced today that
shareholders of the Company approved by a large majority a stock split
of the Company's issued and outstanding common shares (the 'Common
Shares') on a three (3) for one (1) basis at the Company's Special
Meeting held on March 9, 2011. This subdivision has also been approved
by the board of directors of the Company and has been conditionally
approved by the Toronto Stock Exchange, subject to the delivery of
certain documents. The record date for the stock split is March 23,
2011.
Each shareholder will receive two additional Common Shares for each
Common Share held on the stock split record date. Pursuant to the
rules of the Toronto Stock Exchange, the Company's Common Shares will
commence trading on a subdivided basis at the opening of business on
March 21, 2011, being the second trading day prior to the stock split
record date. Share certificates representing the additional Common
Shares resulting from the stock split will be mailed to the Company's
registered shareholders.
It is believed that the stock split will encourage greater liquidity for
the Company's Common Shares and provide opportunities for ownership of
the Common Shares by a wider group of investors.
Based in Moncton, New Brunswick, Major Drilling Group International Inc.
is one of the world's largest metals and minerals contract drilling
service companies. To support its customers' mining operations and
mineral exploration and environmental drilling activities, Major
Drilling maintains operations in Canada, the United States, South and
Central America, Australia, Asia, and Africa.
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Denis Larocque, Chief Financial Officer
Tel: (506) 857-8636
Fax: (506) 857-9211
ir@majordrilling.com