Black Diamond Group Ltd. (TSX: BDI) has entered a definitive agreement to acquire all of the shares of Paragon Energy Services Ltd. Pursuant to the agreement, Black Diamond can acquire Paragon for a consideration of 254,427 common shares of Black Diamond and $550,000 in cash to ray incumbent credit facilities.
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Paragon, based out of Estevan, Saskatchewan, services mainly the oil and potash markets in southern Saskatchewan. Paragon has a surface rental fleet of about 220 units and generated nearly $3 million of rental and operations revenue and EBITDA of around $1.4 million in 2009.
Black Diamond has built its reputation by providing innovative solutions using modular buildings, support equipment and surface rental assets. We are quick, flexible and creative in how we conduct our business. We support our products with service.
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