Orbite Finalizes Settlement Agreements with Gastier MP and Vtek Consultants
July 23, 2013 — Montreal, Quebec (Source: Marketwired) — Orbite Aluminae Inc. (TSX:ORT)(OTCQX:EORBF) (“Orbite“) announces the issuance of an aggregate of 14,525,146 class A shares at a price of C$0.945 per share to Gastier MP Inc. and Vtek Consultants Inc., two of its suppliers, in full settlement of their respective outstanding claims. The shares are issued pursuant to settlement agreements summarized in Orbite’s final short form prospectus dated July 15, 2013, which qualifies the issuance of the shares.
Orbite Aluminae Inc. is a Canadian Corporation with innovative and proprietary processes that is 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, without generating any wastes, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud and fly ash. Orbite is currently operating and optimizing its first commercial high-purity alumina (HPA) production plant in Cap-Chat, Québec. Orbite has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallée deposit. Orbite signed an exclusive worldwide collaborative agreement with Veolia Environmental Services for the remediation of red mud using the Orbite processes with the intent to construct a Veolia-operated plant. The Corporation has an intellectual property portfolio that contains 14 IP families and owns the intellectual property rights to ten patents and 40 pending patent applications in 10 different countries.
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 15, 2013 on SEDAR, and could cause actual events or results to differ materially from those projected in any forward-looking statements. 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.
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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>