Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) has received the first instalment of $6 million regarding its 2012 Québec Investment Tax Credits. Orbite was owed the funds due to equipment purchased for manufacturing and processing in the Gaspé region in the 2012 financial year.
As quoted in the press release:
This first $6 million and subsequent funds the Corporation receives upon reimbursement of the 2012 and 2013 investment tax credits will be deposited in a segregated account and serve as security for the convertible debentures issued in 2012. The Corporation anticipates receiving the balance of its 2012 investment tax credits during the remainder of 2014, with payments for 2013 expected in 2015.