Orbite raising up to $50 million for Quebec alumina plant
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Orbite Aluminae Inc. said Friday it has fixed the terms of a previously announced offering of units comprised of class A shares and warrants. The company said in a press release it has reached its financing objectives as it anticipates raising up to $50 million, at a price of 70 cents per unit.
Each unit consists of one class A share and one-half class A share purchase warrant, each whole warrant being exercisable at an exercise price of $1 for a period of 36 months following the date that the warrants are issued.
Net proceeds of the offering will be used primarily to complete the company’s high-purity alumina plant located at Cap-Chat, Quebec and for general corporate and working capital purposes.
On Friday, Orbite shares were unchanged at 75 cents, leaving a market cap of $138.1 million, based on 184.2 million shares outstanding. The 52-week range is $3.93 and 58 cents.
