TORONTO, Aug. 12 /CNW/ - 1684182 Ontario (International) LP ("1684182 International") and 1684182 Ontario LP ("1684182 Ontario") today announced that they have agreed to sell an aggregate of 2,368,421 common shares of Orbit Garant Drilling Inc. ("Orbit Garant") to an arm's length third party in a private transaction at a price of $3.80 per common share, with a settlement date of August 17, 2010.
After giving effect to this sale, 1684182 Ontario Inc., as general partner of each general partner of 1684182 International and 1684182 Ontario, currently controls a total of 3,123,129 common shares, representing approximately 9.5% of the 32,738,684 issued and outstanding common shares.
Each of 1684182 International and 1684182 Ontario holds its common shares for investment purposes only and may, subject to market conditions and in accordance with applicable securities laws, take other actions in respect of its investment in Orbit Garant, including making additional investments in or effecting dispositions of securities of Orbit Garant, including additional purchases of common shares.
SOURCE 1684182 ONTARIO (INTERNATIONAL) LP
For further information: For further information: James C. Johnson, Director, 1684182 Ontario Inc., (416) 847-1170