Euro Pacific Canada is lead agent; deal finances corporate purposes
By Devika Patel
Knoxville, Tenn., Nov. 30 - Orbite Aluminae Inc. said it has negotiated a C$20 million private placement of convertible debentures with a C$5 million greenshoe.
The convertible debentures mature on Dec. 13, 2017 and accrue interest at 8% per year. The debenture may be converted into common shares at C$3.50 per share, a 34.62% premium to the Sept. 26 closing share price of C$2.60.
The deal will be conducted by a syndicate of agents led by Euro Pacific Canada Inc. and including Mackie Research Capital Corp. and Roth Capital Partners LLC.
Settlement is expected Dec. 13.
Proceeds will be used for general corporate purposes.
The Montreal company develops technologies for extracting metallurgical-grade alumina from aluminous clay.
| Issuer: | Orbite Aluminae Inc.
|
| Issue: | Convertible debentures
|
| Amount: | C$20 million
|
| Greenshoe: | C$5 million
|
| Maturity: | Dec. 13, 2017
|
| Coupon: | 8%
|
| Conversion price: | C$3.50
|
| Warrants: | No
|
| Agents: | Euro Pacific Canada Inc. (lead), Mackie Research Capital Corp. and Roth Capital Partners LLC
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 13
|
| Stock symbol: | Toronto: ORT
|
| Stock price: | C$2.60 at close Nov. 29
|
| Market capitalization: | C$478.72 million
|
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