AKITA Drilling Ltd. (ticker: AKT) and Xtreme Drilling Corp. (ticker: XDC)  are combining under the AKITA name and will be operating 44 high-spec drilling rigs across multiple basins in the U.S. and Canada.

The transaction value is approximately CAD$209 million, which includes CAD$10 million of Xtreme’s net debt. Per agreement terms, Xtreme shareholders will receive 0.29 of an AKITA class A non-voting common share and CAD$0.59 in cash for each share of Xtreme common stock. Xtreme shareholders may also request to receive a different combinatio...


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