Orbite Technologies Inc EORBF

RE:Orbite gets it wrong again

[skydiver069]

@ Elias:

Orbite provides update on financing

Montréal, Québec, April 9, 2014 – Orbite Aluminae Inc. (TSX: ORT) (OTCQX: EORBF) (“Orbite” or the “Corporation”), a cleantech company currently commercializing its high-purity alumina process, today provided a general update on its previously announced financing activities.

The change in provincial government resulting from the April 7, 2014 elections in Québec, is not expected to have any impact on the financing presently being finalized with Investissement Québec. The finalization of the equity investment by the Government of Québec continues to proceed as planned, as communicated in Orbite’s March 27 general update press release.   

Additionally, in accordance with the subscription agreement between Orbite and Crede Capital Group, LLC (“Crede”), Orbite issued Series X and Y Subscription Rights on March 11, 2014, as announced previously. Once exercisable, the Series X Subscription Rights require Crede to purchase $10 million of debentures of the Corporation. Orbite expects to obtain qualification by prospectus and have the units exercisable around May 15, 2014, subject to regulatory approval.

The Series Y Subscription Rights will first become exercisable on October 10, 2014. Terms and conditions for the Series X and Y subscription rights and the related debentures are provided in the subscription agreement and summarized in the Corporation’s amended and restated prospectus dated December 6, 2013.