Business
Orbit Garant Secures $40 Million Credit Facility with National Bank Financial
Jun. 16, 2011 (Canada NewsWire Group) -- VAL-D'OR, QC, June 16, 2011 /CNW/ - Orbit Garant Dri...
About this update from Orbit Garant Drilling Inc.
[{"type":"text","content":"\n\n\n Jun. 16, 2011 (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, June 16, 2011 /CNW/ - Orbit Garant Drilling Inc. (TSX:\n OGD) ("Orbit Garant" or "the Company") today announced a new C$40\n million secured, four-year revolving credit facility with National Bank\n Financial, replacing the Company's prior C$7 million one-year revolving\n credit facility held with the same institution. Orbit Garant and its\n lenders have the option to increase the funds available under the new\n credit facility up to a total of $60 million, subject to certain\n conditions. The new credit facility will be used to fund working\n capital requirements and provide further flexibility to the Company's\n long-term acquisition program.\n\n\nAbout Orbit Garant\nOrbit Garant is one of the largest Canadian-based drilling companies,\n providing both underground and surface drilling services in Canada and\n internationally through its 176 drills and more than 850 employees.\n Orbit Garant provides services to major, intermediate and junior mining\n companies, through each stage of mining exploration, development and\n production.\n\n\nForward-looking information\nThis press release may contain forward-looking statements (within the\n meaning of applicable securities laws) relating to business of Orbit\n Garant Drilling Inc. (the "Company") and the environment in which it\n operates. Forward-looking statements are identified by words such as\n "believe",...