28 MAY 2014Orbitealuminae (Press Release)
Orbite announces completion of 10M$ equity investment by the Government of Québec
Edited by : AL CIRCLE
1 min read
Orbite Aluminae Inc., announces 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.
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.
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