A repayable contribution of $140,000 will enable Pilot Diamond Tools. to implement new, innovative manufacturing and engineering processes to expand its operations.
The funding will be used for pre-commercial work in the design, construction and field-testing of a new diamond drill bit that will complement the company’s existing line of exploration drilling tools.
The funding announced today is provided through FedNor’s Northern Ontario Development Program.
"The support received from FedNor and the Government of Canada has been instrumental in our efforts to expand our operations, create jobs and capitalize on emerging opportunities,"Steve Perrin Owner, Pilot Diamond Tools Ltd.
Calls to find out how many new jobs will be created were not immediately returned to BayToday.
