High Sense buys Aerodat

Toronto-based airborne geophysical surveyor High Sense Geophysics (HSG) has acquired Aerodat, a subsidiary of Bell Earth Sciences (BES).

BES will be required to buy all shares issued by HSG in exchange for 26.7 million shares of BES worth 20cents each. The agreement also specifies that BES must raise $2.5 million in working capital through a private placement.

Aerodat will remain in Toronto as the division of HSG specializing in helicopter surveys.

The merger, which has yet to be approved by regulators and shareholders, will double to 120 the number of people employed by HSG. The deal is expected to close by year-end.