10% debenture matures in five years, converts to stock at C$0.241
By Devika Patel
Knoxville, Tenn., June 1 – Orbite Technologies Inc. said it raised C$5 million in a private placement of convertible debentures with the Government of Québec. Investissement Québec was the agent.
The 10% debenture matures in five years. It converts to class A common stock at C$0.241 per share, which is a 16.9% discount to the May 31 closing share price of C$0.29.
Proceeds will be used to complete the company’s HPA plant and for construction of a production plant in Cap-Chat, Québec.
Based in Montreal, Orbite Technologies is a clean technology company specializing in extracting processes for the mining industry, especially alumina extraction.
| Issuer: | Orbite Technologies Inc.
|
| Issue: | Convertible debenture
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| Amount: | C$5 million
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| Maturity: | Five years
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| Coupon: | 10%
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| Conversion price: | C$0.241
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| Warrants: | No
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| Agent: | Investissement Québec
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| Investor: | Government of Québec
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| Settlement date: | June 1
|
| Stock symbol: | Toronto: ORT
|
| Stock price: | C$0.29 at close May 31
|
| Market capitalization: | C$133.94 million
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