On December 10, 2013, Orbite Aluminae Inc. (TSX: ORT / OTCQX: EORBF) completed a public offering of units of $16 million and a binding subscription commitment for $40 million in additional units from Crede Capital Group, LLC, a U.S. based institutional investor, such additional financing to be completed in upcoming successive tranches by way of private placement (subject to regulatory and shareholder approval). Funds raised under the public offering combined with those under the subscription commitment total $56 million.
Each unit consists of $1,000 principal amount of 7.5% unsecured unsubordinated debentures and 875 share purchase warrants, such principal amount of Debentures is convertible into shares at a price of $0.40 per share and each warrant is exercisable into one share of Orbite Aluminae at a price of $0.48 for a period of 36 months.
The net proceeds from the public offering will be used to complete the Corporation’s high-purity alumina plant located in Cap-Chat, Quebec, and for general corporate and working capital purposes.
Fasken Martineau advised Orbite Aluminae in connection with the public offering and the subscription commitment, with a team led by Jean-Pierre Chamberland which included Marie-Josée Neveu, Jean Michel Lapierre, Monica Dingle, Jimmy Triassi, Talia Markarian (securities) and Claude Jodoin and Tom Copeland (tax).
Each unit consists of $1,000 principal amount of 7.5% unsecured unsubordinated debentures and 875 share purchase warrants, such principal amount of Debentures is convertible into shares at a price of $0.40 per share and each warrant is exercisable into one share of Orbite Aluminae at a price of $0.48 for a period of 36 months.
The net proceeds from the public offering will be used to complete the Corporation’s high-purity alumina plant located in Cap-Chat, Quebec, and for general corporate and working capital purposes.
Fasken Martineau advised Orbite Aluminae in connection with the public offering and the subscription commitment, with a team led by Jean-Pierre Chamberland which included Marie-Josée Neveu, Jean Michel Lapierre, Monica Dingle, Jimmy Triassi, Talia Markarian (securities) and Claude Jodoin and Tom Copeland (tax).
