MONCTON, NB, March 9 /CNW/ -- MONCTON, NB, March 9 /CNW/ - Major Drilling Group International Inc. (TSX: MDI) ('Major Drilling' or the 'Company') announced today that shareholders of the Company approved by a large majority a stock split of the Company's issued and outstanding common shares (the 'Common Shares') on a three (3) for one (1) basis at the Company's Special Meeting held on March 9, 2011. This subdivision has also been approved by the board of directors of the Company and has been conditionally approved by the Toronto Stock Exchange, subject to the delivery of certain documents. The record date for the stock split is March 23, 2011.
Each shareholder will receive two additional Common Shares for each Common Share held on the stock split record date. Pursuant to the rules of the Toronto Stock Exchange, the Company's Common Shares will commence trading on a subdivided basis at the opening of business on March 21, 2011, being the second trading day prior to the stock split record date. Share certificates representing the additional Common Shares resulting from the stock split will be mailed to the Company's registered shareholders.
It is believed that the stock split will encourage greater liquidity for the Company's Common Shares and provide opportunities for ownership of the Common Shares by a wider group of investors.
Based in Moncton, New Brunswick, Major Drilling Group International Inc. is one of the world's largest metals and minerals contract drilling service companies. To support its customers' mining operations and mineral exploration and environmental drilling activities, Major Drilling maintains operations in Canada, the United States, South and Central America, Australia, Asia, and Africa.
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