Orbite Aluminae prices equity financing
TORONTO (miningweekly.com) – Quebec-based Orbite Aluminae on Friday announced the terms of its "best efforts" marketed offering of units to cover the $20.9-million budget shortfall to complete the 3 t/d second phase of its high-purity alumina plant, in Cap-Chat, Quebec, and to be used for general corporate and working capital purposes.
A syndicate of agents led by Euro Pacific Canada and including National Bank Financial, would market units consisting of class-A shares and warrants to raise gross proceeds of a minimum of C$35-million and a maximum of C$50-million, at a price of C$0.70 a unit.
Each unit would consist of one class-A share and half a class-A share purchase warrant. Each whole warrant would be exercisable at a price of C$1 each for a period of 36 months after it was issued.
Orbite added that it had granted an over-allotment option to an additional total of 15% of the maximum amount of shares issued under the best-case scenario, to cover over-allotments and for market stabilisation purposes during the 30-day period immediately following the July 12 closing date of the offering.
The units would be offered in Canada by short-form prospectus, and in other jurisdictions on a private placement basis, exempt from any prospectus, registration or other similar requirements.
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