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Orbite files prospectus with financial regulators to raise $300 million
Edited by : AL CIRCLE
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Montreal-based Orbite Aluminae Inc., developing an alumina project in Quebec’s Gaspé region, said on Wednesday that it is filing a short-form prospectus with provincial regulators to provide future financial flexibility in funding its diverse projects over the next 25 months. It plans to raise about $300 million.
“We’re a development stage company with multiple projects with different capital needs over the next two years,” CEO Richard Boudreault said in a statement. “We’re assessing all financing options, including joint-venture partnerships, project debt and new equity ... all designed to maximize shareholder value.”
Orbite’s pilot plant at Cap Chat is nearing commercial production of super high-grade alumina. The feasibility study for production of lower-grade alumina for the aluminum smelting industry is due for completion shortly.
But on Tuesday its shares dipped 17 per cent to $1.14. The company said it knew of no material facts to justify the steep selloff. It’s dipped again to close at $1.09 on Wednesday.
“We’re a development stage company with multiple projects with different capital needs over the next two years,” CEO Richard Boudreault said in a statement. “We’re assessing all financing options, including joint-venture partnerships, project debt and new equity ... all designed to maximize shareholder value.”
Orbite’s pilot plant at Cap Chat is nearing commercial production of super high-grade alumina. The feasibility study for production of lower-grade alumina for the aluminum smelting industry is due for completion shortly.
But on Tuesday its shares dipped 17 per cent to $1.14. The company said it knew of no material facts to justify the steep selloff. It’s dipped again to close at $1.09 on Wednesday.
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