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Orbite Aluminae down 18% ahead of financing
Edited by : AL CIRCLE
2 min read
Orbite Aluminae Inc. has confirmed that it plans an equity offering within the coming weeks.
Wednesday's announcement came after the close of markets in which stock in the development stage ore producer plunged nine cents, or more than 18%, to 40.5 cents on heavy volume of more than 6.3 million shares.
That left the company with a market cap of $80.6 million, based on 198.9 million shares outstanding. The 52-week range is $3.93 and 47.5 cents.
Orbite said in a press release it was reviewing a number of financing options, including the reassessment of the terms of the offering provided in the corporation's prospectus issued July 15.
We are committed to our primary objective of completing construction and optimization of our HPA (high-purity alumina) production facility and are confident about completing an equity financing that will raise at least a significant portion of the funds required to that end,'' chief operating officer Glenn Kelly said in a release.
Orbite Aluminae uses proprietary processes that it says should produce alumina and other high value byproducts, such as rare earth and rare metal oxides, at some of the lowest costs in the industry.
Orbite is currently operating and optimizing its first commercial HPA production plant in Cap-Chat, Que., having completed basic engineering for a proposed smelter-grade alumina production plant, which would use clay mined from its Grande-Vallee deposit.
Wednesday's announcement came after the close of markets in which stock in the development stage ore producer plunged nine cents, or more than 18%, to 40.5 cents on heavy volume of more than 6.3 million shares.
That left the company with a market cap of $80.6 million, based on 198.9 million shares outstanding. The 52-week range is $3.93 and 47.5 cents.
Orbite said in a press release it was reviewing a number of financing options, including the reassessment of the terms of the offering provided in the corporation's prospectus issued July 15.
We are committed to our primary objective of completing construction and optimization of our HPA (high-purity alumina) production facility and are confident about completing an equity financing that will raise at least a significant portion of the funds required to that end,'' chief operating officer Glenn Kelly said in a release.
Orbite Aluminae uses proprietary processes that it says should produce alumina and other high value byproducts, such as rare earth and rare metal oxides, at some of the lowest costs in the industry.
Orbite is currently operating and optimizing its first commercial HPA production plant in Cap-Chat, Que., having completed basic engineering for a proposed smelter-grade alumina production plant, which would use clay mined from its Grande-Vallee deposit.
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