Mitchell Services (ASX:MSV) is already on a rapid growth path,...

Mitchell Services (ASX:MSV) is already on a rapid growth path, and is looking to accelerate this with an acquisition and subsequent capital raising.

MSV will look to acquire the unencumbered assets of Tom Browne Drilling Services (in receivership) for $9.5 million.

The company will also raise around $20 million through a placement to sophisticated investors and a pro-rata non-renounceable issue of ordinary shares.

Last month MSV revealed that it had won contracts for six rigs over a 30 day period, with an active tender submission pipeline extending to 22 rigs.

In difficult operating conditions, the company has won more than $30 million in contracts since December 2013.

The halt will remain in place until the opening of trade on Friday 22nd August 2014, or earlier if an announcement is made to the market.