Orbite Aluminae Inc. (
TSX: T.ORT,
Stock Forum) was off 21.2% to 31.5 cents on Tuesday was a resumption in trading following the announcement after the close of trading Monday that Orbite is planning to raise up to $15.5 million from a proposed public offering of units.
The company is planning to offer between 8,500 and 15,500 units at $1,000 per unit,
it said in a press release. Net proceeds are earmarked to fund the company’s high purity alumina production facility at Cap-chat, Quebec and for working capital purposes.
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