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Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its unaudited Condensed Consolidated Interim Financial Statements for the quarter and the nine month period ended September 30, 2013. The Company reported a decrease in loss before net finance income and income and mining taxes of $2.8 million (56%) compared to the previous quarter in 2013.
As quoted in the press release:
Third and Post Quarter Highlights:
- Implemented cost reduction measures during the third quarter ended September 30, 2013, leading to a decrease in loss before net finance income and income and mining taxes of $2.8 million (56%) compared to the previous quarter in 2013.
- Increased the efficiency of its management team by abolishing three vice president positions. Mr. Denis Arguin was promoted to Vice President, Engineering and Operations and Mr. Yves Noel was named Vice President, Business Development.
- Provided updated construction timeline, development plan and budget for its High Purity Alumina (HPA) Plant.
- Announced filing of $10 to $16 million preliminary prospectus and binding commitment for up to $40 million in additional funding.
- Closed the settlement agreement resolving the billing dispute with two principal suppliers.
- Cash and Short-Term Investments of $4.4 million
- Positive Working Capital of $3.8 million
- Non-current Investment tax credits receivable of $25.0 million
- Property, Plant and Equipment of $62.6 million
- Net loss and Comprehensive loss of $2.1 million or $0.01 per share
- Cash flows used in operating activities of $2.6 million
- Cash flows used for investing activities of $1.8 million
Orbite Aluminae Inc. COO, Glenn Kelly, said:
During the third quarter we continued to remain focussed on building a new and more efficient Orbite. Our cost reduction measures have led to a 56% decrease in our burn rate compared to the previous quarter. In addition, the restructuring and streamlining of our management team has led to an organization better suited to our business plan and delivering on our priorities. We also recently announced the filing of a $10 to $16 million preliminary prospectus and a binding commitment for an additional $40 million in funding, via private placement, with a US based institutional investor. Accordingly, upon completion of our contemplated financings, we will be well positioned to execute on our short and near term business priorities, which are the finalization of our HPA facility and the development of our Red Mud Remediation project with our partner Veolia.
Click here to read the Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) press release
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