Orbite Announces Completion of 10M$ Equity Investment by the Government of Quebec
May 27, 2014 (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT) (OTCQX:EORBF) (“Orbite” or the “Corporation“), is pleased to announce that, following its press release of March 3rd, the Corporation has completed the $10,000,000 equity financing with Ressources Québec (“RQ”), a subsidiary of Investissement Québec.
As part of the financing, Ressources Québec purchased 35,714,286 units of the Corporation at a price of $0.28 per unit, each unit being comprised of one class A share and one half (1/2) of one class A share purchase warrant. Each full warrant entitles RQ to purchase one class A share of the Corporation at a price of $0.33 for 36 months from the date of closing.
“We are very pleased to welcome the Québec Government as an important shareholder in Orbite” said Glenn Kelly, Orbite’s President and CEO. “We believe this investment shows confidence in the future of our HPA production facility and recognizes the importance of Orbite as an employer in the region.”
The shares and warrants issued pursuant to the financing will be subject to a four month hold following the closing date. The net proceeds of the financing will be used towards the current construction of Orbite’s HPA production facility in Cap-Chat, Québec.
Orbite Aluminae Inc. is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value 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 in the process of 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 66 pending patent applications in 10 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, and Russia. The Corporation also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.
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Certain information contained in this document may include “forward-looking information”. Without limiting the foregoing, the information and any 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 May 13, 2014.
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>