Orbite completes $10m equity investment by Quebec government
TORONTO (miningweekly.com) – Canadian clean technology firm Orbite Aluminae on Tuesday said that it had completed a $10-million equity financing with Ressources Québec (RQ), a subsidiary of Investissement Québec.
As part of the financing, RQ bought 35.7-million units of the corporation at a price of $0.28 apiece, each unit comprising one class A share and half a class A share purchase warrant.
Each full warrant entitles RQ to buy one class A share of the corporation at a price of $0.33 for 36 months from the date of closing.
“We are very pleased to welcome the Québec government as an important shareholder in Orbite. We believe this investment shows confidence in the future of our HPA [high-purity alumina plant in Cap-Chat, Quebec] production facility and recognises the importance of Orbite as an employer in the region,” said Orbite president and CEO Glenn Kelly.
The shares and warrants issued under the financing would be subject to a four-month hold following the closing date.
The net proceeds of the financing will be used towards the current construction of Orbite’s HPA production facility.
Orbite in December completed a $16-million public offering, supplementing a $40-million private placement with US-based institutional investor Crede Capital Group, which brought the total cash raised to $56-million.
This excluded the Investissement Quebec investment, which followed Orbite receiving a C$4-million non-interest-bearing repayable financial contribution from Canada Economic Development's Quebec Economic Development Programme in January.
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