VAL-D’OR, QC, May 13, 2020 /CNW/ – Orbit Garant Drilling Inc. (TSX: OGD) (“Orbit Garant” or the “Company”) today announced that the filing of its interim financial statements and associated management’s discussion and analysis for the three and nine-month periods ended March 31, 2020 (the “Q3 FY2020 Financial Results”) will be postponed.
On March 18, 2020, the Canadian Securities Administrators announced that they will provide issuers with a 45-day filing extension for filings required on or before June 1, 2020 as a result of the COVID-19 pandemic. Accordingly, pursuant to Decision No. 2020-PDG-0023 of the Autorité des marchés financiers (Québec), Orbit Garant will file the Q3 FY2020 Financial Results on or before June 30, 2020.
Between March 25, 2020 and April 15, 2020, mining activity in Québec was suspended as a result of the provincial government’s order to minimize non-essential business activity in the province. Accordingly, Orbit Garant’s drilling operations in Québec were suspended during this period. Mining activities on operating mines were permitted to resume in a gradual and supervised manner beginning on April 15, 2020. This enabled Orbit Garant’s underground drilling operations to gradually resume only on producing mines in Québec. Orbit Garant’s surface drill rigs and a significant number of its underground drill rigs in the province are designated on exploration projects. The Québec Government authorized the resumption of mineral exploration activities effective May 11, 2020. The Company is now gradually ramping up on its underground and surface drilling activities in the province, while undertaking the necessary health and safety protocols.
Orbit Garant has remained active on most of its drilling projects in Nunavut Territory and in Ontario, while undertaking the necessary health and safety protocols, although drilling activity on certain projects has been temporarily reduced. The Company’s international drilling operations have also been reduced as a result of government restrictions on business activity to control the spread of COVID-19, or customer decisions to reduce operations or delay certain projects in this environment.
Orbit Garant considers the health and safety of its personnel, customers, suppliers, and the communities in which it operates to be a top priority. At this time, no employees of Orbit Garant have been diagnosed with COVID-19. The Company has implemented precautionary health and safety measures across its operations, based on the recommendations, or directives, issued by the public health authorities and governments in the various jurisdictions in which the Company operates.
As part of its business continuity plan, the Company continues to manage its variable cost structure and cash to support its reduced level of operations during this period, while maintaining the flexibility required to resume normal operations as restrictions are lifted.
Until the Q3 FY 2020 Financial Results are filed, Orbit Garant’s management team and other insiders are subject to an insider trading blackout period that reflects the principles contained in section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.
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 231 drill rigs and more than 1,300 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.
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 ability of the jurisdictions in which the Company operates to manage and cope with the implications of COVID-19, the impact of measures taken by such jurisdictions to control the spread of COVID-19 on the Company’s operations, the economic and financial implications of COVID-19 to the Company, including its impact on cash flows, liquidity and the Company’s compliance with its obligations under its borrowing agreements as well as the risks and uncertainties are discussed in the Company’s regulatory filings available at www.sedar.com. 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.
SOURCE Orbit Garant Drilling Inc.
For further information: Alain Laplante, Vice President and Chief Financial Officer, (819) 824-2707 ext. 122; Bruce Wigle, Investor Relations, (647) 496-7856