Orbite Closes First $4.9 Million Financing from Investissement Quebec
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/05/16 -- Orbite Technologies Inc. (TSX: ORT)(OTCQX: EORBF) ("Orbite" or the "Company") today announced that, further to its press release issued on April 27, 2016, Investissement Quebec has concluded with Orbite a $4.9 million bridge loan collateralized against the Company''s investment tax credits receivable ("ITC") for the 2016 financial year which are expected to total $6.5 million. A first installment of $2.3 million has been received to date, while the balance of the loan will be disbursed as the capital expenditures underlying the ITCs are expended by the Company.
The bridge loan bears interest at a rate of 3.5% over the prevailing prime lending rate, which currently stands at 2.7%, payable monthly, is collateralized against the Company''s ITC receivables for the 2016 financial year and is repayable upon receipt by the Company of the 2016 ITC payments from tax authorities, but not later than July 23, 2018. The loan is also subject to other customary terms and conditions.
"This is the first of three tranches of the $15 million financing we announced last week, allowing us to reaccelerate activities at our HPA plant towards completion of the facility," stated Glenn Kelly, CEO of Orbite. "We anticipate closing of the two other $5 million tranches in the coming weeks, following which we will provide an update on our schedule towards commencement of commercial production."
About Orbite
Orbite Technologies Inc. is a Canadian cleantech company whose innovative and proprietary processes are expected to produce alumina and other high-value products, such as rare earth and rare metal oxides, at one of the lowest costs in the industry, and in a sustainable fashion, using feedstocks that include aluminous clay, kaolin, nepheline, bauxite, red mud, fly ash as well as serpentine residues from chrysotile processing sites. Orbite is currently in the process of commercializing its first HPA Plant in Cap-Chat. The Company''s portfolio contains 16 intellectual property families, including 32 patents and 101 pending patent applications in 11 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, Japan and Russia. The Company also operates a state of the art technology development center in Laval, Quebec, where its technologies are developed and validated.
Forward-looking statements
Certain information contained in this document may include "forward-looking information". Without limiting the foregoing, the information and any forward-looking information may include statements regarding projects, costs, objectives and future returns of the Company or hypotheses underlying these items. In this document, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or the Company management''s good-faith beliefs with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company''s control. These risks uncertainties and assumptions include, but are not limited to, those described in the section of the Management''s Discussion and Analysis (MD&A) entitled "Risk and Uncertainties" as filed on March 30, 2016 on SEDAR, including those under the headings "Recent increase in budgeted capital costs will require additional financing and may adversely impact our prospects", "We will need to raise capital to continue our growth" and "Development Goals and Time Frames".
The Company does not intend, nor does it undertake, any obligation to update or revise any forward-looking information or statements contained in this document to reflect subsequent information, events or circumstances or otherwise, except as required by applicable laws.
Contacts:
NATIONAL Equicom
Marc Lakmaaker, External Investor Relations Consultant
416-848-1397
For Media Inquiries:
NATIONAL Equicom
Scott Anderson, External Media Relations Consultant
416-586-1954
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Datum: 05.05.2016 - 05:30 Uhr
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News-ID 1432928
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