VAL-D'OR, QC, Feb. 4 /CNW/ - Orbit Garant Drilling Inc. ("Orbit Garant") (TSX: OGD) today announced, effective as of February 1, 2011, the
sale to Usinage X-Spec Inc. of all the shares it held in the share
capital of Usinage X-Spec Inc., representing forty percent (40%) of all
the issued and outstanding shares in the share capital of Usinage
The purchase price consists of $898,000 plus forty percent (40%) of the
increase of the retained earnings of Usinage X-Spec Inc. within the
period comprised between February 1, 2010 and January 31, 2011.
Under terms of the transaction, the Orbit Garant has agreed to purchase
goods and services from Usinage X-Spec Inc. in the amount of $2.5
million within a period of 24 months following the closing.
About Orbit Garant
Orbit Garant is one of the largest Canadian-based drilling companies,
providing both underground and surface drilling services in Canada and
internationally through its 164 drills and more than 600 employees.
Orbit Garant provides services to major, intermediate and junior mining
companies, through each stage of mining exploration, development and
SOURCE Orbit Garant Drilling Inc.
For further information:
|Eric Alexandre |
President and Chief Executive Officer
(819) 824-2707 Ext. 233
(416) 447-4740 Ext. 232