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Northern Frontier agrees to acquire SL Oilfield Construction Ltd.


Published Sep 4, 2015
Northern Frontier Corp.

Northern Frontier Corp. has agreed to acquire SL Oilfield Construction Ltd., an oilfield construction service provider based in Whitecourt, Alberta. SL Oilfield's business is providing road and land preparation and reclamation services primarily for oil and natural gas drilling activity.

The acquisition is being completed pursuant to the terms and conditions of a share purchase agreement dated August 31, 2015, whereby the Corporation has agreed to acquire all of the issued and outstanding shares of SL Oilfield inclusive of $4.8 million in net assets, effective September 1, 2015.

Aggregate consideration is approximately $4.6 million, comprised of a cash payment of $0.7 million, the assumption of $3.4 million in net debt and the issuance of 877,193 common shares of the Corporation with an aggregate value of $0.5 million based on the 10 day trailing volume weighted average share price of $0.57.

Tags: Northern Frontier Corp., SL Oilfield Construction Ltd.




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