TORONTO STOCK EXCHANGE: ORT
MONTREAL, Nov. 10, 2014 /CNW/ - Orbite Aluminae Inc. (TSX: ORT) (OTCQX: EORBF) ("Orbite" or the "Company") announced today amendments to the terms of its series Y subscription rights issued on March 10, 2014 (the "Rights") to Crede Capital, LLC ("Crede").
The Company and Crede mutually agreed to amend the terms of the Rights to postpone to any time between January 15 and January 30, 2015 Orbite's option to require exercise of the Rights, and to extend the deadline for the Company's undertaking to convene a shareholders meeting for the approval of the Rights to January 30, 2015.
Orbite Aluminae 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 Corporation's portfolio contains 16 intellectual property families, including 12 patents and 96 pending patent applications in 10 different countries and regions. The first intellectual property family is patented in Canada, USA, Australia, China, Japan and Russia. The Corporation also operates a state of the art technology development center in Laval, Québec, where its technologies are developed and validated.
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 November 5, 2014 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.
SOURCE: Orbite Aluminae Inc.
For further information:
Mark Lakmaaker, External Investor Relations Consultant
Tel: 1-800-385-5451 ext. 248
Email: [email protected]
For Media Inquiries:
Scott Anderson, External Media Relations Consultant
Tel.:1- 800-385-5451, ext. 252
Email: [email protected]