Orbite Technologies Inc.
TSX : ORT
OTCQX : EORBF

Orbite Technologies Inc.

March 04, 2016 17:10 ET

Orbite Increases and Extends Underwriter's Option

MONTREAL, QUÉBEC--(Marketwired - March 4, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Orbite Technologies Inc. (TSX:ORT)(OTCQX:EORBF) ("Orbite" or the "Company") today announces that, further to its press releases of February 3 and February 23, 2016 announcing the closing of its public offering of units in the aggregate amount of $9,542,000, the Company has revised the terms of the underwriter's option (the "Underwriter's Option"), whereby the number of additional units that the underwriter, Euro Pacific Canada Inc., may purchase for resale is increased by 1,762 units to a total of 7,762 units. The underwriter purchased 1,544 additional units on February 3, 2016 and 1,060 on February 23, 2016. In addition to the foregoing amendment, the Underwriter's Option, which was set to expire tomorrow, is extended and may now be exercised until close of business on April 15, 2016.

The 1,762 additional units, and the underlying debentures and share purchase warrants, shall have the same terms and conditions as those previously issued.

The Company has filed an amendment to the prospectus supplement dated January 28, 2016 and has executed and filed an amending agreement to the underwriting agreement also dated January 28, 2016.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 16 intellectual property families, including 29 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 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