VAL-D'OR, QC, Oct. 28,
2024 /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD)
("Orbit Garant" or the "Company"), one of the Canada's largest drilling services companies
primarily serving the mining industry, announced today that the
Toronto Stock Exchange ("TSX") has accepted its notice of intention
to make a normal course issuer bid (the "NCIB Program") to purchase
outstanding common shares of Orbit Garant (the "Common Shares") on
the open market in accordance with the rules of the TSX. Pursuant
to the NCIB Program, Orbit Garant may purchase, from time to time,
in aggregate up to 1,868,637 Common Shares (being approximately 5%
of the 37,372,756 issued and outstanding Common Shares of Orbit
Garant as of October 22, 2024) over a
12-month period commencing on October 31,
2024, and terminating on October 30, 2025.
Any repurchases under the NCIB Program will be made in
Canada through the facilities of
the TSX and/or alternative Canadian trading systems. Orbit Garant
will pay the prevailing market price at the time of purchase. The
actual number of Common Shares repurchased under the NCIB Program
and the timing of such repurchases will be at Orbit Garant's
discretion and shall be subject to the limitations set out in the
TSX Company Manual. Daily purchases on the TSX will be limited to
3,532 Common Shares, other than block purchase exceptions, which
represents 25% of the average daily trading volume of the Common
Shares on the TSX for the six-month period ending September 30, 2024, being 14,130 Common Shares.
The Common Shares repurchased by Orbit Garant will be cancelled.
Management and the Board of Directors of Orbit Garant believe that
the underlying value of Orbit Garant may not be reflected in the
market price of the Common Shares from time to time and that,
accordingly, the purchase of Common Shares will increase the
proportionate interest in Orbit Garant of, and be advantageous to,
all remaining shareholders of Orbit Garant.
In connection with the NCIB Program, Orbit Garant will establish
an automatic securities purchase plan (the "Plan") with its
designated broker to facilitate the purchase of Common Shares under
the NCIB Program at times when the Company would ordinarily not be
permitted to purchase its Common Shares due to regulatory
restrictions or self-imposed blackout periods. Under the Plan,
before entering a self-imposed blackout period, Orbit Garant may,
but is not required to, ask the designated broker to make purchases
under the NCIB Program within specified parameters. Outside of the
pre-determined blackout periods, Common Shares may be purchased
under the NCIB Program based on the discretion of the Company's
management, in compliance with TSX rules and applicable securities
laws. The Company may elect to suspend or discontinue its NCIB
Program at any time. The Plan will be effective as of October 31, 2024.
Orbit Garant has not purchased any Common Shares pursuant to a
NCIB Program during the last 12 months.
Forward-Looking Statements
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) relating to business of
Orbit Garant Drilling Inc. (the "Company") and the environment in
which it operates. Forward-looking statements are identified by
words such as "believe", "anticipate", "expect", "intend", "plan",
"will", "may" and other similar expressions. These statements are
based on the Company's expectations, estimates, forecasts and
projections. They are not guarantees of future performance and
involve risks and uncertainties that are difficult to control or
predict. Risks and uncertainties that could cause actual results,
performance or achievements to differ materially include the world
economic climate as it relates to the mining
industry; the Canadian economic environment; the Company's
ability to attract and retain customers and to manage its assets
and operating costs; the political situation in certain
jurisdictions in which the Company operates and the operating
environment in the jurisdictions in which the Company operates, as
well as the risks and uncertainties are discussed in the Company's
regulatory filings available at www.sedarplus.ca. There can be no
assurance that forward-looking statements will prove to be accurate
as actual outcomes and results may differ materially from those
expressed in these forward-looking statements. Readers, therefore,
should not place undue reliance on any such forward-looking
statements. Further, a forward-looking statement speaks only as of
the date on which such statement is made. The Company undertakes no
obligation to publicly update any such statement or to reflect new
information or the occurrence of future events or circumstances
except as required by applicable securities laws.
About Orbit Garant
Headquartered in Val-d'Or,
Quebec, Orbit Garant is one of the largest Canadian-based
mineral drilling companies, providing both underground and surface
drilling services in Canada and
internationally through its 188 drill rigs and approximately 1,000
employees. Orbit Garant provides services to major, intermediate
and junior mining companies, through each stage of mining
exploration, development and production. The Company also provides
geotechnical drilling services to mining or mineral exploration
companies, engineering and environmental consultant firms, and
government agencies. For more information, please visit the
Company's website at www.orbitgarant.com.
SOURCE Orbit Garant Drilling Inc.