Exploration Orbite V.S.P.A. Inc. announce it has successfully completed the final financing round in its pilot plant project. The final round was launched on April 19, 2010. The financing terms in question were described in a press release issued the same date. Valued at $1,690,000, the investment is spread among various institutional and private investors. The security issue was oversubscribed.
A number of institutional investors and investment companies located in Quebec, Ontario and Australia participated in the financing round. The Company also reports that seven (7) of its executive and board members have invested a total of $182,000, representing 30% of the individual investments made in this financing round.
The securities issued as part of this private placement are subject to a four (4) month hold period, i.e. until September 21, 2010.
Up to $1,500,000 of the funds raised will go towards the Cap-Chat pilot plant project. The balance will become integral part of the Company’s working capital. During the financing round, finder’s fees of $33,696 were paid, notably to MPartners of Toronto, MacDougall, MacDougall and MacTier, and Windermere Capital of Montreal.
“We are very pleased and satisfied with the way things have gone. Despite the short time period available, we have successfully achieved our financial objectives while attracting many new investors. Such success can be explained by the dynamism and potential of the Company’s project and by the strength of the broad and sustained support we already enjoy,” declared Richard Boudreault, President and Chief Executive Officer of Exploration Orbite.
This financing round constitutes the final component of the $6.9 M financing package for the pilot plant in Cap-Chat, located in the Gaspe region, and should allow the Company to secure government financial support already arranged with a number of provincial and federal agencies. “The financing is now in place to finalize the deployment of the pilot plant in Cap Chat,” continued Mr. Boudreault.
Already ahead of the targeted schedule, the activities surrounding the Cap-Chat plant development are proceeding quickly and efficiently. The old AQS equipment has been removed and is beingreplaced with equipment designed to accommodate the technological processes introduced by Orbite. The acquisition of this equipment is being facilitated by the assistance of Aluminerie Alouette, and its partners in the aluminum industry, through a contractual agreement reached with the Company at the end of 2009.
“In addition to the major funding received from the financial sector, Orbite’s operations are benefiting in a very tangible way from these strong partnerships,” concluded Mr. Boudreault. “They allow us to aggressively pursue our operations; as a result, we are on pace with our strategic growth plan. All of these factors constitute excellent news for the Company and its investors.”
HKDP Communications and public affairs
The Company is also pleased to announce the arrival of Frederic Berard as investor relations advisor. Special Advisor, Financial and Legal Affairs, with HKDP, Mr. Berard will maintain contact with the Company’s investors and other stakeholders, while upholding its reputation. HKDP is a wholly-owned subsidiary of Hill & Knowlton, a world leader in public affairs and communications.