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Orbite banks C$11.5M from bought deal

Orbite Technologies Inc. has completed a bought-deal offering to raise C$11.5 million, the Canadian clean-tech company said Feb. 1.

The offering was for 11,500 units at C$1,000 each. Each unit comprises C$1,000 worth of 5% unsecured unsubordinated convertible debentures maturing Feb. 1, 2022, and 3,125 share purchase warrants.

Orbite will use the funds to ramp up production, to commercialize its high-purity alumina plant in Quebec and for general corporate purposes.