Orbite Technologies Inc.
TSX : ORT
OTCQX : EORBF

Orbite Technologies Inc.

May 06, 2016 07:30 ET

Orbite Closes First $1 Million Tranche of Private Placement

MONTREAL, QUÉBEC--(Marketwired - May 6, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") today announced that is has completed a first tranche of a non-brokered equity financing in the amount of $1,027,850 at a price of $0.241 per share. The financing was completed on a private placement basis with arm's length investors on the same terms as, and incremental to the anticipated 5M$ equity financing by Investissement Québec announced on April 27, 2016, which is expected to close within the next few weeks pending governmental approvals and completion of applicable closing conditions.

The shares underlying the financing were issued without payment of a commission and are subject to a hold period of four months and one day. Proceeds will be used towards completion of the Company's HPA production facility.

This release does not constitute an offer for sale of securities nor a solicitation for offers to buy any securities. The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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, 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 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.

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