OGD Orbit Garant Drilling Inc

VAL-D'OR, QC, Nov. 18, 2022  /CNW/ - Orbit Garant Drilling Inc. (TSX: OGD) ("Orbit Garant" or the "Company") today provided an update with respect to its Management Information Circular ("MIC") and Proxy materials (the "Proxy") mailed to shareholders on November 7, 2022, in advance of the Company's Annual General Meeting of Shareholders (the "Meeting") to be held on December 1, 2022. The MIC and Proxy were also filed on SEDAR under the Orbit Garant profile on November 7, 2022.

On November 14, 2022, Orbit Garant announced that Éric Alexandre and the Company had mutually agreed to effect a change in leadership and that Éric Alexandre would step down as President, CEO and Director of the Company effective November 15, 2022. As the MIC and Proxy were mailed and filed prior thereto, they contemplate the nominations of Éric Alexandre, Pierre Alexandre, Jean-Yves Laliberté, Pierre Rougeau and Nicole Veilleux for election as directors at the Meeting.

Given that Éric Alexandre has withdrawn his consent to be nominated for election as a director of the Company, he will not be nominated at the Meeting.  Accordingly, the remaining four directors named in the Company's MIC and Proxy (Pierre Alexandre, Jean-Yves Laliberté, Pierre Rougeau and Nicole Veilleux) will be nominated for election to the Board. As Éric Alexandre will not be standing for election to the Board, any votes cast via Proxy for or against him will be disregarded.

It is expected that following the Meeting, the Corporate Governance and Compensation Committee of the board of directors will implement a process to identify an appropriate candidate to add to the board, which candidate may be added prior to the Company's next Annual General Meeting of the Shareholders.

Headquartered in Val-d'Or, Quebec, Orbit Garant is one of Canada's largest drilling companies, providing underground and surface drilling services in Canada and internationally through its 217 drilling rigs and approximately 1,400 employees. Orbit Garant provides services to large, medium and junior mining companies at every stage of mineral exploration, development and production. The Company also provides geotechnical drilling services to mining and exploration companies, engineering and environmental consulting firms and government agencies. For more information, please visit www.orbitgarant.com.

This press release may contain forward-looking statements (within the meaning of applicable securities laws) regarding Orbit Garant's business and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "expect", "plan", "will", "may" and similar expressions. These statements are based on the Company's expectations, estimates, projections and forecasts. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in greater detail in the Company's regulatory filings on SEDAR at www.sedar.com. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results may differ materially from those anticipated in such forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these statements. In addition, these statements speak only as of the date they are made. The Company undertakes no obligation to update these forward-looking statements or to reflect new information, events or circumstances.

SOURCE Orbit Garant Drilling Inc.