On September 26, 2008, Foraco International SA (TSX: FAR), a leading global provider of diversified drilling services, announced that it had acquired Northwest Sequoia Drilling Ltd. ("NWS"), based in Picture Butte, Alberta, for total consideration of $9.5 million in cash and 1,150,000 common shares of Foraco. The common shares included in the purchase consideration were acquired by Foraco during the second quarter of 2008.
Foraco is a worldwide drilling service provider headquartered in Marseille, France. Foraco provides a diverse range of drilling services to the minerals, energy, water, environmental and infrastructure sectors. NWS specializes in rotary drilling services for exploration, bulk sampling, and coring services to the mining and oil sands industry.
Foraco was advised in this transaction by Fasken Martineau with a team that included Josh Lewis, Tanner Helwig and Lindy Bremner, with the assistance of student-at-law Chelsea Bushfield.