Orbite Announces 10M$ Equity Investment by the Government of Quebec
Date : 03/03/2014 @ 11:00AM
Source : Marketwired
Stock : Orbite Aluminae, Inc. (QX) (EORBF)
Quote : 0.364 0.0368 (11.25%) @ 4:00PM
Orbite Announces 10M$ Equity Investment by the Government of Quebec
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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.
