The proposed consideration included the issue of 15.6 million Mastermyne shares, valued at $9.7 million, to DMS shareholders.

It also included paying off DMS debt and restructuring costs through $10.3 million of cash from Mastermyne’s existing debt facilities.

While the acquisition is subject to DMS shareholder and regulatory approvals, Mastermyne has flagged that implementation could occur in mid-December.

Importantly, the DMS board and DMS’ top shareholder Maui Capital (40%) have backed the plan.

Mastermyne CEO and managing director Tony Caruso said the acquisition came after extensive due diligence was done.

“DMS is a well respected service provider which will significantly increase the range of services that the Mastermyne Group can offer to the mining and other industries,” Caruso said.

“DMS has a dedicated and well respected management team and workforce, all of which are highly regarded in their respective areas. We look forward to them joining the Mastermyne team and we are very confident that this acquisition will not only bring major benefits to the company but will also provide ongoing opportunities for the DMS and Mastermyne management and workforce.

“The DMS business will provide us with a key suite of services that complement our current offering, are timely in the current market and importantly are very niche to a number of sectors.

“In addition to DMS’s record of success, we intend to leverage DMS’s customer base and maintenance expertise to the benefit of the entire Mastermyne Group and ultimately to create significant value for our shareholders.”