20 MAY 2016Orbite Technologies Press Release
Orbite closes a $5 mln financing with Resources Quebec
Edited by : AL CIRCLE
2 min read
Orbite Technologies Inc. announced the closing of an equity financing in the amount of $5 million with Ressources Quebec inc., a subsidiary of Investissement Quebec, acting as agent of the Government of Quebec.
As part of the financing, Ressources Quebec purchased 20,746,888 Class A shares of Orbite at a price of $0.241 per share.
"With this equity investment and the $1 million raised from US investors on May 6, the Company has raised a total of $6 million in equity and is on track to finalize the funding required for completion of our HPA facility," stated Glenn Kelly, CEO of Orbite. "We anticpate closing the $5 million convertible debenture in the coming weeks, after which we will award the contracts for the remainder of the construction and implement our plan towards start-up and commencement of commercial production. We are very grateful for the continued support from Ressources Quebec, who has proven to be a stable and supportive partner."
As part of the financing, the Company amended the terms of the 17,857,143 warrants issued to Ressources Quebec in May 2014, which warrants are now exercisable into shares of the Company at a price of $0.241 per share (instead of $0.33) and will expire on May 2, 2019 (instead of May 27, 2017).
The shares issued under the financing are subject to a mandatory hold period of 4 months after the closing date. The net proceeds of the financing will be used to complete the construction of the production plant of high purity alumina located in Cap-Chat, Quebec.
As part of the financing, Ressources Quebec purchased 20,746,888 Class A shares of Orbite at a price of $0.241 per share.
"With this equity investment and the $1 million raised from US investors on May 6, the Company has raised a total of $6 million in equity and is on track to finalize the funding required for completion of our HPA facility," stated Glenn Kelly, CEO of Orbite. "We anticpate closing the $5 million convertible debenture in the coming weeks, after which we will award the contracts for the remainder of the construction and implement our plan towards start-up and commencement of commercial production. We are very grateful for the continued support from Ressources Quebec, who has proven to be a stable and supportive partner."
As part of the financing, the Company amended the terms of the 17,857,143 warrants issued to Ressources Quebec in May 2014, which warrants are now exercisable into shares of the Company at a price of $0.241 per share (instead of $0.33) and will expire on May 2, 2019 (instead of May 27, 2017).
The shares issued under the financing are subject to a mandatory hold period of 4 months after the closing date. The net proceeds of the financing will be used to complete the construction of the production plant of high purity alumina located in Cap-Chat, Quebec.
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