2023-07-12 06:12:32 ET
- Cathedral Energy Services ( OTCPK:CETEF ) ( CET:CA ) acquires Rime Downhole Technologies, through a wholly-owned subsidiary.
- The aggregate purchase price is ~$41M (~C$55M) comprised of $21M cash and $20M in subordinated exchangeable promissory notes that are exchangeable into a maximum of 24.57M shares of Cathedral.
- Rime is a Texas-based engineering company founded in 2012 that specializes in building products for the downhole measurement-while-drilling industry.
For further details see:
Cathedral Energy Services acquires Rime Downhole Technologies for $41M