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Gold/Mining/Energy : The Next Act
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To: JAS who wrote (87)5/31/1998 6:47:00 PM
From: Ward Nicholson   of 102
 
MDI:TSE

Not a bad risk/reward level at $8...

Major Drilling Group International Inc MDI
Shares issued 11,736,823 May 26 close $8.00
Wed 27 May 98 News Release
Mr. Paul Legere
Subject to obtaining regulatory approvals, Major Drilling Group intends to
purchase up to 780,000 of its shares, representing approximately 6.6 per
cent of the 11,819,073 shares outstanding, as part of a normal course
issuer bid.
The purchases will commence on receipt of all necessary regulatory
approvals and will terminate one year from such date or on such earlier
date as Major may complete its purchases pursuant to the notices of
intention to make a normal course issuer bid filed with the T.S.E.
Purchases will be made on the open market by Major through the T.S.E.
Major has retained CIBC Wood Gundy Securities, through which the purchases
will be made. The price which Major will pay for any such shares will be
the market price of such shares at the time of acquisition.
Major Drilling Group's management believes that the market price of its
shares could be such that their purchase may be an attractive and
appropriate use for corporate funds in light of potential benefits to
remaining shareholders. The current market price of the shares represents a
discount of approximately 20 per cent on the net book value of the company
as reported in the most recently released quarterly financial statements.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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