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Orbite Aluminae Inc Announces Terms Of Previously Announced Equity Financing

Friday, 28 Jun 2013 11:24am EDT 

Orbite Aluminae Inc announced that it has fixed the terms of its previously announced best efforts marketed offering of units consisting of class A shares and warrants of Orbite with its syndicate of agents led by Euro Pacific Canada Inc. and including National Bank Financial Inc. The Corporation has reached its financing objectives as it anticipates raising minimum gross proceeds of CAD35 Million and maximum gross proceeds of CAD50 Million, at a price of CAD0.70 per unit, each unit consisting of one class A share and one-half class A share purchase warrant, each whole warrant being exercisable at an exercise price of CAD1.00 for a period of 36 months following issuance (the Units). In addition, the Corporation has granted the Agents the option to purchase up to that number of additional Units as is equal to 15% of the number of Units issued under the Offering during the 30-day period immediately following the Closing Date to cover over-allotments and for market stabilization purposes (the Over-Allotment Option). The net proceeds from the Offering will be used primarily to complete the Corporation's high-purity alumina plant located in Cap-Chat, Quebec and for general corporate and working capital purposes. 

Company Quote

0.035 +13.73%
11:07am EST