VANCOUVER, April 2, 2020 /CNW/ - Energold Drilling
Acquisition LP, ("Energold"), a leading global specialty drilling
company, today announced that it has acquired the assets of
Energold Drilling Corp ("EDC") and that the operations have now
emerged from the Companies' Creditors Arrangement Act (CCAA)
process in Canada.
"We're extremely excited to begin this next chapter in
Energold's history," announced Brian N.
Mittman, the new CEO of Energold. "With the CCAA filing
behind us, we look forward to continuing to provide world-class
drilling services and to a future of steady, profitable
growth."
EDC, formerly listed on the Toronto Venture Exchange (under the
symbol EGD), filed for creditor protection under the CCAA in
September, 2019. As planned, the CCAA filing enabled EDC to
restructure its debt, streamline operations, and implement other
measures to improve its performance. Throughout the CCAA
proceedings, EDC's operations continued uninterrupted both in
Canada and internationally.
"The reorganized business is already profitable and
well-capitalized, with Energold now having eliminated most of its
outstanding debt," said Matthew
Freeman, the group's new CFO. "Two milestones that EDC
previously had not achieved for many years."
Energold is financially backed by leading investors in the
mining and minerals space, including Toronto-based Extract Advisors LLC and
Sprott.
ABOUT ENERGOLD DRILLING ACQUISITION LP
Energold Drilling Acquisition LP is a leading global specialty
drilling company that services the mining, infrastructure, and
geothermal sectors. Its four primary divisions – mineral
drilling in Latin America, mineral
drilling in the EMEA region, geothermal drilling in the U.S., and
horizontal directional drilling in Canada – provide services in more than 20
countries worldwide.
SOURCE Energold Drilling Group