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ORBIT GARANT DRILLING INC. ACQUIRES MORRIS DRILLING INC. AND SURFACE DRILLING CONTRACT FOR OSISKO MINING CORP.
ORBIT GARANT DRILLING INC. ACQUIRES MORRIS DRILLING INC. AND SURFACE DRILLING CONTRACT FOR OSISKO...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n\n Dec. 13, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVAL-D'OR, QC, Dec. 13 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD)\n today announced the acquisition of Morris Drilling Inc. Under terms of\n the transaction, Orbit Garant has purchased all of the issued and\n outstanding shares of Morris Drilling, a mineral drilling company\n operating five drilling rigs. As part of the transaction, Orbit Garant\n is acquiring a drilling services contract with Osisko Mining Corp.\n (TSX:OSK) at its Hammond Reef project near Thunder Bay, Ontario. \n\nThe purchase price consists of $2.625 million in cash and the equivalent\n of $1 million in Common Shares of Orbit Garant, at an issue price of\n $5.78 per share based on 30-day average trading price, representing an\n aggregate amount of $3.625 million. \n\nThe acquisition adds five drill rigs to the Company's expanding fleet of\n 164 drills and will be managed by Orbit Garant's Sudbury branch. \n\n\n"We are very excited about this acquisition as it is directly in line\n with our growth strategy, enhancing our presence in Northern Ontario,"\n said Eric Alexandre, President and Chief Executive Officer. "We have\n established an excellent working relationship with Osisko in Quebec at\n its Canadian Malartic gold deposit and we are enthusiastic about\n expanding our work with them at their Hammond Reef advanced gold\n project."\n\n\nEric Alexandre added, "One of our key competitive advantages is our\n low...