Units consist of 1,156 flow-through shares, 478 non-flow-through shares
By Toni Weeks
San Diego, Dec. 14 - Orbite Aluminae Inc. said it plans to conduct a private placement of units to raise C$5 million.
The company will sell C$5,000 units, each one consisting of 1,156 flow-through class A shares at C$3.25 each and 478 non-flow-through class A shares at C$2.60 each.
The flow-through shares are priced at a 20.82% premium to the closing share price of C$2.69 on Dec. 13. The non-flow-through shares are a 3.35% discount to that price.
Euro Pacific Canada Inc. will be acting as lead agent and bookrunner for the offering.
Settlement is expected on Dec. 21.
Proceeds will be used for exploration at the company's Grande-Vallee, Cap-Chat and Rimouski properties in Quebec and for general corporate purposes.
The Montreal company develops technologies for extracting metallurgical-grade alumina from aluminous clay.
| Issuer: | Orbite Aluminae Inc.
|
| Issue: | Units of 1,156 flow-through class A shares and 478 non-flow-through class A shares
|
| Amount: | C$5 million
|
| Price: | C$5,000
|
| Warrants: | No
|
| Agent: | Euro Pacific Canada Inc. (lead)
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Toronto: ORT
|
| Stock price: | C$2.69 at close Dec. 13
|
| Market capitalization: | C$481.88 million
|
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