Orbit Garant Drilling closes $60 million IPO and secondary offering

On June 26, 2008, Orbit Garant Drilling Inc. (TSX:OGD) announced the completion of its initial public offering of 7,505,006 common shares at a price of $4.00 per share for total gross proceeds to Orbit Garant of $30,020,024 as well as the secondary offering by shareholders of Orbit Garant of 7,494,994 common shares for total gross proceeds to the selling shareholders of $29,979,976. 

The offering was sold through a syndicate of underwriters led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and including National Bank Financial Inc., GMP Securities L.P. and Desjardins Securities Inc.

The underwriters were advised by a team from Fasken Martineau led by Rob Mason and that included, among others, Karoline Kralka, Andrew Derksen and Peter Armstrong.