Hyduke Energy Services Inc. (TSX:HYD) entered into a share purchase agreement to acquire Avalanche Metal Industries Ltd. from 1017348 Alberta Ltd and three other private company shareholders for CAD 0.54 million on April 3, 2017. The consideration will be paid in cash. Under the terms of transaction, Hyduke will pay an aggregate of CAD 0.8 million for 40 "A" Voting Non-Participating and 40 Class "C" Non-Voting common shares Avalanche Metal Industries Ltd to 1017348 Alberta Ltd. Additionally, Hyduke has agreed to repay the sellers for money previously advanced to Avalanche in the aggregate amount of CAD 0.29 million. The acquisition includes the assumption of the assets and liabilities of Avalanche which include approximately CAD 0.1 million of accounts payable. Hyduke has agreed to pay to the sellers other than 1017348 Alberta Ltd, as an increase to the purchase price, a possible earnout payment based on achieving certain gross margin targets over a two year period from closing. The consideration is subject to adjustment. The transaction is subject to fulfillment of certain conditions and is not subject to approval by shareholders of Hyduke. The transaction has been unanimously approved by Board of Hyduke. In connection with the acquisition, the Board established a special committee which comprised of three members of the Board, David Yager, James Hill and Willi Hamm, to supervise the negotiation of the terms of the acquisition and make a recommendation to the Board as to approval of the transaction. The Independent Committee unanimously determined that the acquisition of Avalanche is in the best interests of Hyduke and resolved to recommend that the Board approve the acquisition. The transaction is expected to be completed on or before April 4, 2017 or such later date which may be agreed, with an outside date of April 30, 2017. Hyduke Energy Services Inc. (TSX:HYD) completed the acquisition of Avalanche Metal Industries Ltd. from 1017348 Alberta Ltd and three other private company shareholders on April 6, 2017.