Orbite Aluminae (TSX:ORT,OTCQX:EORBF) announced a private placement of convertible debentures for an aggregate principal amount of up to $20,000,000 plus an over-allotment option of an additional $5,000,000.
As quoted in the press release:
The Convertible Debentures Offering will allow the Company to monetize the refundable investment tax credits, which would otherwise remain idle on the Company’s balance sheet as an accounts receivable.
Completion of the Offering is subject to the satisfaction of certain conditions, including approval by the Toronto Stock Exchange.
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