Euro Pacific Canada was lead agent; deal finances corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 13 - Orbite Aluminae Inc. said it has settled a C$25 million private placement of convertible debentures. The deal priced for C$20 million with a C$5 million greenshoe on Nov. 30.
The five-year convertible debentures 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 was conducted by a syndicate of agents led by Euro Pacific Canada Inc. and including Mackie Research Capital Corp. and Roth Capital Partners LLC.
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$25 million (including C$5 million greenshoe)
|
| 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$491.01 million
|
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