Orbite Aluminae secures $56m to complete Quebec HPA facility
TORONTO (miningweekly.com) – Quebec-focused Orbite Aluminae on Tuesday announced that it had completed a $16-million public offering, supplementing the recent binding subscription commitment for $40-million in additional units from US-based institutional investor Crede Capital Group, which brought the total cash raised to $56-million.
Orbite, which fell victim to a budget blowout while constructing the 3 t/d second phase of its high-purity alumina (HPA) plant, in Cap-Chat, Quebec, said the net proceeds from the offering would be used to complete the plant, and for general corporate and working capital purposes.
The $16-million offering consisted of $1 000 principal amount of 7.5% unsecured unsubordinated debentures and 875 share purchase warrants with a strike price of $0.40 a share and each warrant is exercisable into one share of the corporation at a price of $0.48.
Euro Pacific Canada acted as the placement agent of the offering and would receive a commission of 6% of gross proceeds raised in addition to 2.4-million broker warrants, each convertible into one Class A share of the corporation at a price of $0.48.
"We are now very well positioned to execute on our short- and near-term business priorities, which are the finalisation of our HPA facility and the development of our red mud remediation projects with our partner Veolia. The construction and optimisation efforts at our HPA facility begin today," Orbite COO Glenn Kelly said in a statement.
He added that the corporation was also focused on other financing initiatives, including having discussions with the government of Quebec.
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