Orbite Announces 10M$ Equity Investment by the Government of Quebec
March 3, 2014 (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite” or the “Company“) is pleased to announce that the Government of Québec formally approved a 10M$ equity investment in Orbite by Investissement Québec(“IQ”), a mandatory of the Québec Government. The announcement was made at Orbite’s High Purity Alumina (“HPA”) production facility in Cap-Chat, Québec, in the presence of Mr. Gaétan Lelièvre, Member of the National Assembly of Québec for Gaspé, Minister for Regions and Minister responsible for the Gaspésie-Îles-de-la-Madeleine region and the Bas-St-Laurent region.
“We have the privilege, in Québec, to benefit from dynamic and innovative businesses like Orbite Aluminae, to insure our competitiveness and reinforce our expertise in the sector of transformation of mining products”, said Mrs. Élaine Zakaïb, the Québec Minister for Industrial Policy and the Banque de développement économique du Québec. “This structuring project positions Québec as a provider of a niche product used for high-tech applications, in addition to maintaining the economic vitality of the Gaspésie-Îles-de-la-Madeleine region ».
The investment decision followed a comprehensive technical and financial due diligence of the HPA facility carried out by a third party engineering firm. “The significant contribution from the government of Québec, following a stringent independent review, is a testament to the work carried out by our new management and engineering team during the last six months“, said Glenn Kelly, Orbite’s President and CEO. “We are honoured to have the government of Québec as a major shareholder in Orbite and their investment will be used towards the completion of our HPA production facility.”
Terms and condition of the investment, including timing and pricing, are expected to be settled within the next few weeks.
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 11 patents and 57 pending patent applications in 10 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, and Russia. The Company also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.
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