July 3, 2020 By Newswire
Edmonton – Athabasca Minerals (AMI) and AMI RockChain acquired TerraShift Engineering. TerraShift is a privately-owned company based in Edmonton with proprietary technology (TerraMaps) that focuses on resource data, search intelligence and geospatial software that will further strengthen the functionality and capabilities of AMI’s RockChain digital platform.
TerraShift also brings technical services with highly efficient methods and streamlined approaches for resource exploration and development, environmental and regulatory planning, resource management, compliance reporting, and reclamation that benefits a growing customer base across Western Canada and Ontario.
“We are very excited about TerraShift’s talented team, the strategic role of their innovative technology enhancing the RockChain platform, and about adding an important dimension of technical services to expand the value offering to our customers,” said Dana Archibald, COO and president of AMI RockChain. “The combination of TerraShift with AMI RockChain represents a dual growth program respectively and together, from inherent synergies, which contribute to further market penetration across Western Canada and into Ontario.”
Robert Beekhuizen, CEO of Athabasca Minerals said the acquisition is a natural fit.
“AMI is an innovative company that strives to leverage technology in serving our clientele in the industrial minerals and construction markets more effectively. There’s a natural fit for TerraShift with AMI that is mutually advantageous,” he said. ” In addition to strengthening the functionality of AMI RockChain, TerraShift will also enable our other divisions, namely AMI Silica and AMI Aggregates. The engineering expertise that TerraShift has in navigating environmental and regulatory approvals, sustainability, and compliance reporting is extremely valuable for developing resource projects in the industry as well as in the Corporation’s portfolio. Also, TerraShift’s resource data intelligence empowers AMI’s roll-up strategy in acquiring strategic assets in the future to further broaden AMI’s market penetration and business outreach.”
The TerraShift acquisition is predominately a share-based transaction consisting of three contingent, performance-based installments over two years. AMI expects the transaction to be accretive on a cash flow per share basis following the acquisition. Additionally, TerraShift brings positive net working capital which will enhance AMI’s balance sheet.
Annual General Meeting date
The Corporation has re-scheduled the Annual General Meeting for Tuesday, September 22, 2020.
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