Friday, Savanna Energy Services Corp., (SVY.TO) announced the closing of the acquisition of the assets of a privately-held oilfield services rental company for aggregate cash proceeds of approximately $20 million.
The company said that all of the key management principals have agreed to remain with Savanna in their present roles, and all have executed independent employment and non-competition agreements. In addition, $2.5 million of the proceeds would be utilized by key management to acquire shares of Savanna in the open market over the next 90 days.
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