15 JANUARY 2015Orbitealuminae (Press Release)
Orbite receives $3M funding from investissement Quebec
Edited by : AL CIRCLE
1 min read
Orbite Aluminae Inc. today announced Investissement Quebec will be providing Orbite with a $3.025 million bridge loan, collateralized against the Company's investment tax credits receivable for the year 2014, estimated at $4.0 million.
The loan, repayable by June 30, 2016, will carry an interest rate of 3.5% over the prevailing prime lending rate, which currently stands at 3%. Interest is payable monthly and the loan is subject to other customary terms and conditions.
"We are pleased with this further contribution from Investissement Quebec towards the funding of our HPA production facility in Cap-Chat," stated Glenn Kelly , CEO of Orbite. "This arrangement shows how having a balance of investment tax credits receivable provides us with additional flexibility to arrange financing at advantageous rates, not normally available for pre-revenue companies."
The loan, repayable by June 30, 2016, will carry an interest rate of 3.5% over the prevailing prime lending rate, which currently stands at 3%. Interest is payable monthly and the loan is subject to other customary terms and conditions.
"We are pleased with this further contribution from Investissement Quebec towards the funding of our HPA production facility in Cap-Chat," stated Glenn Kelly , CEO of Orbite. "This arrangement shows how having a balance of investment tax credits receivable provides us with additional flexibility to arrange financing at advantageous rates, not normally available for pre-revenue companies."
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