Orbite Aluminae Inc. (TSX:ORT) (OTCQX:EORBF) is pleased to announce that, following its press release of March 3rd, the Corporation has completed the $10,000,000 equity financing with Ressources Quebec a subsidiary of Investissement Quebec.
As part of the financing, Ressources Quebec 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 Quebec 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, Quebec.
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, Quebec and has completed the basic engineering for a proposed smelter-grade alumina (SGA) production plant, which would use clay mined from its Grande-Vallee 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, Quebec, where its technologies are developed and validated.
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