Orbite Aluminae Inc.: Update on Ongoing Discussions With the Government of Quebec
December 19, 2013 (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite” or the “Corporation“) announced today that, as a follow-up to its October 11, 2013 press release and as a response to significant shareholder enquiry and informal disclosures by several third parties, the Corporation wishes to clarify the status of its financing discussions with the Government of Québec. The Corporation is currently in discussions with Investissement Québec (“IQ”) regarding a potential equity investment of up to 10M$, subject to several conditions which have yet to be satisfied, including Cabinet approval, customary due diligence, agreement on terms and pricing and regulatory approval. The Corporation will keep the markets informed of any material progress in these discussions.
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Orbite Aluminae Inc. is a Canadian cleantech company who’s innovative and proprietary processes are expected to produce alumina and other high-value by-products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently finalizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. The Corporation’s intellectual property portfolio contains 15 intellectual property families, and the Corporation owns the intellectual property rights to 10 patents and 46 pending patent applications in 10 different countries. The first intellectual property family is patented in Canada, USA, Australia, China, and Russia.
Certain information contained in this document may include “forward-looking information”, including commentary related to the possible investment in the Corporation by IQ. Without limiting the foregoing, forward-looking information may include statements regarding projects, costs, objectives and future returns of the Corporation or hypotheses underlying these items. In this document, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Corporation management’s good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Corporation’s control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management’s Discussion and Analysis (MD&A) entitled “Risk and Uncertainties” as filed on November 14, 2013 on SEDAR.
The Corporation does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>