QUEBEC – Orbite Aluminae of Montreal has completed the first part of a public offering in the amount of $10 million. The underwriter, Euro Pacific Canada, has an option to purchase $5 million worth of additional units. The net proceeds will be used primarily for the company’s high purity alumina plant being built in Cap-Chat.
Each unit consists of $1,000 principal amount of 5% convertible unsecured unsubordinated debentures and 1,077 share purchase warrants. The units will bear an interest rate of 5% per year, payable semi-annually. The debentures will mature on April 6, 2020.
Orbite CEO Glenn Kelly said, “It is very rare that a pre-revenue company manages to get a bought deal, and we believe this speaks to the strength of our story. We continue to progress towards completion of our first commercial plant and I look forward to reporting on our progress in the coming weeks and months.”
Additional details of the offering are available at OrbiteAluminae.com.