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Orbite eyes C$10.0M to ramp-up, commercialize alumina plant

Orbite Technologies Inc. intends to raise C$10.0 million via a bought-deal offering of units.

The company will use the funds to ramp-up production, to commercialize its high-purity alumina plant in Quebec and for general corporate purposes, it said Jan. 26.

Echelon Wealth Partners Inc. agreed to purchase 10,000 units of the company at C$1,000 each, according to a Jan. 26 release.

The underwriter has an overallotment option for an additional 1,500 units for further proceeds of C$1.5 million.

Some of Orbite's suppliers may also agree to receive units as consideration for outstanding invoices for up to C$1.50 million.

Each unit comprises C$1,000 worth of 5% unsecured unsubordinated convertible debentures and 3,125 share purchase warrants. The debentures will mature in five years, bearing interest at 5%

The units will be qualified for sale by way of the preliminary prospectus filed by the company in late-December 2016 in Canada to raise up to C$60 million over the next 25 months.