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Orbit Garant Drilling Extends Credit Facility and Renews Four Large Drilling Contracts in Quebec
Orbit Garant Drilling Extends Credit Facility and Renews Four Large Drilling Contracts in...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n \n \n \n Orbit Garant Drilling Extends Credit Facility and Renews Four Large Drilling Contracts in Quebec\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VAL-D'OR, QC\n \n ,\n \n Nov. 30, 2021\n \n /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) (\"Orbit Garant\" or the \"Company\") today announced that it has reached an agreement with National Bank of\n \n Canada\n \n on certain amendments to its amended and restated credit agreement dated\n \n March 8, 2021\n \n (the \"Credit Facility\"). The amendments provide Orbit Garant with more favourable interest rates and extend the maturity date by two years, from\n \n November 2, 2022\n \n to\n \n November 2, 2024\n \n . The Credit Facility consists of a\n \n $35.0 million\n \n revolving credit facility and a\n \n US$5.0 million\n \n revolving credit facility guaranteed by Export Development Canada.\n \n \n The Company also announced that it has recently renewed four drilling contracts in\n \n Quebec\n \n with gold mining customers. Three of the contracts are for underground drilling projects and one is for a surface drilling project. The contracts range from two to four years in length and are expected to comprise an aggregate of 1,240,000 metres of drilling. The total revenue to be collected over the term of the contracts is expected to be approximately\n \n $98.6 million\n \n .\n \n \n \"The amendments to our credit facility provide us with additional financial flexibility as we seek to build market share during this positive business cycle,\" said\n \n Eric Alexandre\n \n , President and CEO.  \"These contract renewals will bring us substantial revenue and also reflect increased contract pricing. The renewals demonstrate the strong performance we have achieved with these long-term customers.\"\n \n \n \n About Orbit Garant\n \n \n \n Headquartered in\n \n Val-d'Or, Quebec\n \n , Orbit Garant is one of the largest Canadian-based mineral drilling companies, providing both underground and surface drilling services in\n \n Canada\n \n and internationally through its 220 drill...