18 MARCH 2014Orbitealuminae (Press Release)
Orbite Announces Annual 2013 Results
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Orbite Aluminae Inc. announced today the filing of its Consolidated Financial Statements for the year ended December 31, 2013. The Corporation reported a net loss of $15.0 million ($0.08 per share) compared to $16.9 million ($0.09 per share) for 2012, representing a decrease of $1.9 million, or 11%, compared to the year ended December 31, 2012. All dollar amounts are in Canadian dollars unless stated otherwise.
Fourth Quarter Highlights and Material Subsequent Events:
• Completed a prospectus offering of $16 million and executed a binding commitment for up to $40 million in additional funding.
• Received a $4 million non-interest bearing repayable financial contribution from Canada Economic Development.
• Announced that the Government of Québec formally approved a $10 million equity investment in Orbite.
• Continued to implement cost reduction measures during the fourth quarter ended December 31, 2013, leading to a 36% decrease in General and Administration expenses compared to the third quarter of 2013.
• Decided strategically not to spend the $2.8 million balance required to be spent on qualified exploration expenditures relating to its flow-through shares and opted to use such funds for working capital purposes and indemnify its flow-through shareholders ($1.7 million).
• Cash and Short-Term Investments of $10.3 million as at December 31, 2013.
• Positive Working Capital of $9.8 million.
• Non-current Investment tax credits receivable of $25.7 million.
• Property, Plant and Equipment of $64.9 million, up by $16.8 million.
• Quarterly Net loss and Comprehensive loss of $9.0 million or $0.05 per share.
• Cash flows used in operating activities of $4.4 million.
• Cash flows from financing activities of $13.8 million.
• Cash flows used for investing activities of $3.5 million.
• Shareholders’ equity of $82.3 million, up 9% from December 31, 2012
“We are proud to have completed our financing plan, providing Orbite with access to up to $70 million in new capital.” said Glenn Kelly, Orbite's Chief Executive Officer. “Despite significant challenges in 2013, we are now sufficiently capitalized to execute on our main priorities. We believe that following a transformative year, we have turned the corner and are in a good position to capitalize on the opportunities our technology creates, and build greater shareholder value through the execution of our strategy.”
Read the full report at: http://www.orbitealuminae.com/en/news/press-releases/orbite-announces-annual-2013-results/
Fourth Quarter Highlights and Material Subsequent Events:
• Completed a prospectus offering of $16 million and executed a binding commitment for up to $40 million in additional funding.
• Received a $4 million non-interest bearing repayable financial contribution from Canada Economic Development.
• Announced that the Government of Québec formally approved a $10 million equity investment in Orbite.
• Continued to implement cost reduction measures during the fourth quarter ended December 31, 2013, leading to a 36% decrease in General and Administration expenses compared to the third quarter of 2013.
• Decided strategically not to spend the $2.8 million balance required to be spent on qualified exploration expenditures relating to its flow-through shares and opted to use such funds for working capital purposes and indemnify its flow-through shareholders ($1.7 million).
• Cash and Short-Term Investments of $10.3 million as at December 31, 2013.
• Positive Working Capital of $9.8 million.
• Non-current Investment tax credits receivable of $25.7 million.
• Property, Plant and Equipment of $64.9 million, up by $16.8 million.
• Quarterly Net loss and Comprehensive loss of $9.0 million or $0.05 per share.
• Cash flows used in operating activities of $4.4 million.
• Cash flows from financing activities of $13.8 million.
• Cash flows used for investing activities of $3.5 million.
• Shareholders’ equity of $82.3 million, up 9% from December 31, 2012
“We are proud to have completed our financing plan, providing Orbite with access to up to $70 million in new capital.” said Glenn Kelly, Orbite's Chief Executive Officer. “Despite significant challenges in 2013, we are now sufficiently capitalized to execute on our main priorities. We believe that following a transformative year, we have turned the corner and are in a good position to capitalize on the opportunities our technology creates, and build greater shareholder value through the execution of our strategy.”
Read the full report at: http://www.orbitealuminae.com/en/news/press-releases/orbite-announces-annual-2013-results/
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