🕐20.01.14 - 23:27 Uhr
THE ENERGOLD DRILLING GROUP AMENDS PURCHASE AGREEMENT OF BERTRAM DRILLING CORP.
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News Release - Monday, January 20, 2014
The Energold Drilling Group Amends Purchase Agreement of Bertram
Drilling Corp.
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Energold Drilling Corp.
(EGD: TSX.V) ("Energold" or "the Company" or
"Energold Group"), a leading worldwide operator and manufacturer of
mineral exploration, energy drilling and water rigs announces that it
has amended the purchase agreement with respect to the acquisition of
Bertram Drilling in July, 2011.
On July 25, 2011, the Company acquired 100% of the outstanding shares
of Bertram international Corporation ("Bertram").
The initial
consideration of the transaction was $15 million in the form of cash
and shares in Energold.
In addition to the initial consideration,
certain shareholders of Bertram who were active in managing the
business following the transaction date were entitled to receive a
payment equivalent to a multiple of EBITDA based on the performance of
the division over three consecutive twelve month periods, commencing
May 2011.
In order to address management continuity plans in the energy division
and as our objective is to have key personnel involved in all divisions
of the Energold Group, the Company has agreed to pay certain
shareholders of Bertram fixed amounts of compensation in lieu of any
multiple to EBITDA.
As a result, there will be no performance payments
for the payout period ending April 30, 2014.
Management expects these
payments to be recorded in the fourth quarter of 2013.
In conjunction with this amended purchase agreement, both Brian Bertram
and Darrell Bertram have agreed to enter into employment agreements
with Energold until April, 2016 and will remain in their current senior
management positions within the Company.
"As the Energy division
continues to offer robust growth opportunities for Energold both in
North America and around the world, we are pleased that Brian and
Darrell will remain with the Company and look forward to their valuable
contributions and expertise across all of our business segments." said
Fred Davidson, President and CEO of the Energold Group.
About Energold Drilling Corp.
Energold Drilling Corp.
is a leading global specialty drilling company
that services the mining, energy, water and manufacturing sectors in 24
countries.
Specializing in a socially and environmentally sensitive
approach to drilling, Energold provides a comprehensive range of
drilling services from early stage exploration to onsite operations for
both metals and energy in addition to its established drill rig
manufacturer, Dando.
Energold also holds 6.98 million shares of IMPACT
Silver Corp., a profitable silver producer in Mexico.
For further information, please contact:
Steven Gold - Chief Financial Officer
(416) 275-4070 or via email at
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements: Some statements in this news release
contain forward-looking information.
These statements include, but are
not limited to, statements with respect to proposed activities, work
programs and future expenditures.
These statements address future
events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
statements.
Such factors include, among others, the effects of general
economic conditions, a reduction in the demand for the Companys
drilling services, the price of commodities, changing foreign exchange
rates, actions by government authorities, the failure to find
economically viable acquisition targets, title matters, environmental
matters, reliance on key personnel, the ability for operational and
other reasons to complete proposed activities and work programs, the
need for additional financing and the timing and amount of
expenditures.
Energold Drilling Corp.
does not assume the obligation to
update any forward-looking statement.
1100 - 543 Granville St.
Vancouver, BC V6C 1X8
www.energold.com
Telephone 604 681 9501
Facsimile 604 681 6813
Associated File:
http://www.energold.com/i/pdf/nr/2014-01-20_NR.pdf
20 KB in size, approx.
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Copyright (c) 2014 ENERGOLD DRILLING CORP.
(EGD) All rights reserved.
For more information visit our website at http://www.energold.com/ or
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