Orbite Concludes Bought Deal Financing for $10 Million

Orbite Aluminae Inc. (TSX:ORT) announced it has completed the first portion of the public offering of units in the amount of $10 million.

As quoted in the market news,

Each unit consists of $1,000 principal amount of 5% convertible unsecured unsubordinated debentures (the “Debentures”) and 1,077 share purchase warrants (each a “Warrant”) of the Company. The Debentures will mature on April 6, 2020 (the “Maturity Date”) and will bear interest at a rate of 5% per annum payable semi-annually.

Glenn Kelly , CEO of Orbite, stated:

We are very pleased we managed to raise funds in excess of the $8,500,000 bought deal portion. It is very rare that a pre-revenue company manages to get a bought deal, and we believe this speaks to the strength of our story. We continue to progress towards completion of our first commercial plant and I look forward to reporting on our progress in the coming weeks and months.

Click here for the full Orbite Aluminae Inc. (TSX:ORT) press release