Orbite Aluminae Inc.

June 27, 2008 08:30 ET

Orbite Closes its $1.75 Million Private Placement

MONTREAL, QUEBEC--(Marketwire - June 27, 2008) - EXPLORATION ORBITE V.S.P.A. INC. (TSX VENTURE:ORT.A) ("Orbite") announces the closing, earlier today, of its $1,750,000 private placement. The placement, reserved to accredited investors, was composed of units priced at $3,500; each unit being composed of 25,000 class A shares of the corporation at a price per share of $0.14 and 25,000 warrants, each warrant being convertible into one (1) class A share of the Corporation at a price of $0.20 for a 12 months period following closing.

"We are very pleased to have closed this private placement, which was mostly subscribed for by institutional investors", declared Richard Boudreault, Orbite's president. "The placement has been very well received by the financial markets and even though we increased, last June 16, the maximum value of the placement from $1,505 to $1,750 million, demand was such that we had to refuse subscriptions from several investors interested in our project", added Mr. Boudreault.

The proceeds from offering will be used as working capital. The shares issued pursuant to the offering will be subject to a four-month holding period. No finder's fee will be payable for the transaction, which is subject to regulatory approval.

About Orbite

Exploration Orbite VSPA Inc. is the 100% holder of mineral rights relating to the Grande-Vallee property which consists in over 50 aluminous clay cells covering 2,800 hectares and located 32 km north-east of Murdochville, in Gapesie. The Corporation also holds intellectual property rights on a patent pending process for extracting alumina from aluminous argillite.

TSX Venture Exchange Inc. assumes no responsibility regarding the relevance or accuracy of this press release.

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