Toronto, ON, September 5, 2024 – Canadian Shield Capital (“Canadian Shield”), Toronto-based growth equity firm, completed the sale of its investment in DGI Geoscience (“DGI”) and KORE GeoSystems (“KORE”) in July. The firm sold its stake in both companies to Major Drilling Group International Inc. (“Major Drilling”), one of the largest drilling services companies in the world, marking Canadian Shield’s first exit.

Canadian Shield’s June 2022 investment led to a strategic realignment, bringing DGI and KORE – formerly sister companies with overlapping ownership – into a parent/subsidiary structure. As part of this strategy, KORE became a DGI-controlled subsidiary, allowing DGI to increase its ownership, enhance synergy, and provide additional financial support to KORE.

“We appreciate the support and strategic guidance from the Canadian Shield team, which began well before their investment,” says Vince Gerrie, P.Geo, founder and CEO of KORE. “Their involvement helped us accelerate and promote our capabilities.”

Major Drilling recognizes the potential of KORE’s software and hardware solutions to supplement its drilling services, supported by DGI’s service capabilities led by CEO Chris Drielsma. KORE and DGI could help Major Drilling set new standards of performance and timeliness in core analytics. As a global drilling services provider, Major Drilling can expand both companies’ client base internationally. Combining Major Drilling’s services with KORE’s software and DGI’s execution capabilities will provide global exposure and advance their development, while also enhancing Major Drilling’s offering.

“We have thoroughly enjoyed our collaboration with the teams at KORE and DGI. Vince’s vision and deep understanding of the geological process, from its aspirational objectives to the pragmatic, attracted the attention of numerous suitors, all of whom saw the potential of their artificial intelligence-enabled software and accompanying hardware, and the value DGI brought as an experienced analytical advisory team,” says Andrew W. Dunn, Canadian Shield’s managing partner. “We believe with the backing of Major Drilling, DGI and KORE are well positioned to transform the mining industry’s historically subjective and labour-intensive practices into digitally objective real-time efforts, while allowing geologists the opportunity to assess core results remotely, with advantages in safety and cost of expensive travel and accommodation. We are proud of the role we have played in helping to accelerate DGI and KORE’s journey.”