Orbite Technologies Inc.
TSX : ORT
OTCQX : EORBF

Orbite Technologies Inc.

October 16, 2015 13:48 ET

CORRECTION FROM SOURCE-UPDATE: Orbite Redeems 2012 Debentures

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 16, 2015) -

This document corrects and replaces the press release that was sent today at 1:10 PM EDT. The error occurred in the second paragraph where it should have read "the Company issued 285.714 class A share purchase warrants" and not "the Company issued 285,714 class A share purchase warrants". The complete and corrected version follows.

Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") announced today that further to its September 9, 2015 and October 13, 2015 press releases, and in accordance with the terms of the Trust Indenture dated December 13, 2012 governing the 2012 8% convertible secured debentures (the "Trust Indenture"), the Company has redeemed all of the outstanding 2012 debentures in the aggregate principal amount of $ 25,000,000 plus accrued interests.

As per the terms of the Trust Indenture, for each $1,000 principal amount of debentures redeemed, the Company issued 285.714 class A share purchase warrants at an exercise price of $3.50 exercisable until December 13, 2017. Accordingly, the Trustee under the Trust Indenture has released and discharged all security granted by the Company.

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 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 Company's portfolio contains 15 intellectual property families, including 20 patents and 103 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, 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, 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 31, 2015 on SEDAR.

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.

Contact Information

  • NATIONAL Equicom
    Marc Lakmaaker, External Investor Relations Consultant
    416-848-1397
    mlakmaaker@national.ca

    For Media Inquiries:
    NATIONAL Equicom
    Scott Anderson, External Media Relations Consultant
    416-586-1954
    sanderson@national.ca