Orbite Announces 10M$ Equity Investment by the Government of Quebec
03 Março 2014 - 1:00PM
Marketwired
Orbite Announces 10M$ Equity Investment by the Government of Quebec
CAP-CHAT, QUEBEC--(Marketwired - Mar 3, 2014) - Orbite Aluminae
Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") is pleased
to announce that the Government of Québec formally approved a 10M$
equity investment in Orbite by Investissement Québec
("IQ"), a mandatory of the Québec Government. The announcement was
made at Orbite's High Purity Alumina ("HPA") production facility in
Cap-Chat, Québec, in the presence of Mr. Gaétan Lelièvre, Member of
the National Assembly of Québec for Gaspé, Minister for Regions and
Minister responsible for the Gaspésie-Îles-de-la-Madeleine region
and the Bas-St-Laurent region.
"We have the privilege, in Québec, to benefit from dynamic
and innovative businesses like Orbite Aluminae, to insure our
competitiveness and reinforce our expertise in the sector of
transformation of mining products", said Mrs. Élaine Zakaïb,
the Québec Minister for Industrial Policy and the Banque de
développement économique du Québec. "This structuring project
positions Québec as a provider of a niche product used for
high-tech applications, in addition to maintaining the economic
vitality of the Gaspésie-Îles-de-la-Madeleine region ».
The investment decision followed a comprehensive technical and
financial due diligence of the HPA facility carried out by a third
party engineering firm. "The significant contribution from the
government of Québec, following a stringent independent review, is
a testament to the work carried out by our new management and
engineering team during the last six months", said Glenn
Kelly, Orbite's President and CEO. "We are honoured to have the
government of Québec as a major shareholder in Orbite and their
investment will be used towards the completion of our HPA
production facility."
Terms and condition of the investment, including timing and
pricing, are expected to be settled within the next few weeks.
About Orbite
Orbite Aluminae Inc. is a Canadian cleantech company who's
innovative and proprietary processes are expected to produce
alumina and other high-value by-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 and fly ash. Orbite is
currently finalizing its first commercial high-purity alumina (HPA)
production plant in Cap-Chat, Québec and has completed the basic
engineering for a proposed smelter-grade alumina (SGA) production
plant, which would use clay mined from its Grande-Vallée deposit.
The Corporation's intellectual property portfolio contains 15
intellectual property families, and the Corporation owns the
intellectual property rights to 11 patents and 57 pending patent
applications in 10 different countries and regions. The first
intellectual property family is patented in Canada, USA, Australia,
China, and Russia. The Company also operates a state of the art
technology development center in Laval, Québec, 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,
forward-looking information may include statements regarding
projects, costs, objectives and future returns of the Corporation
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 Corporation 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 Corporation'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
November 14, 2013 on www.sedar.com.
The Corporation 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.
TMX EQUICOMMark LakmaakerExternal Investor Relations
Consultant1-800-385-5451 ext. 248mlakmaaker@tmxequicom.comTMX
EQUICOMShaun SmithExternal Media Relations Consultant1-
800-385-5451, ext. 252ssmith@tmxequicom.com
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