Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) announced that it has completed the private placement of convertible debentures in the aggregate principal amount of C$25,000,000.
As quoted in the press release:
The Convertible Debentures bear interest at a rate of 8% per annum, calculated from their date of issue, to be paid quarterly in arrears, and have a maturity date of December 13, 2017.
Orbite Aluminae Inc. President and CEO, Richard Boudreault said:
This financing enables Orbite to monetize the refundable investment tax credits which would otherwise remain idle on the Company’s balance sheet and puts that capital to work immediately, adding to the capital already on hand.