CATHEDRAL ENERGY SERVICES LTD. ANNOUNCES STRATEGIC ACQUISITION OF RIME DOWNHOLE TECHNOLOGIES, LLC
CALGARY, AB, July 11, 2023 /CNW/ - Cathedral Energy Services Ltd. (TSX:CET) ("Cathedral" or the "Company") today announced the acquisition of Rime Downhole Technologies, LLC ("Rime"), through a wholly-owned subsidiary, for an aggregate purchase price of approximately USD$41 million (approximately CAD$55 million) comprised of USD$21 million cash and USD$20 million in subordinated exchangeable promissory notes ("EP Notes") that are exchangeable into a maximum of 24,570,000 common shares ("Common Shares") of Cathedral (the "Transaction").
Rime is a Texas-based engineering company founded in 2012 that specializes in building products for the downhole measurement-while-drilling ("MWD") industry.
