Orbite Technologies redeems all C$25 million of 8% 2012 convertibles

By Wendy Van Sickle

Columbus, Ohio, Oct. 16 – Orbite Technologies Inc. has redeemed all of its outstanding C$25 million of 8% convertible secured debentures issued in December 2012, according to a press release.

The debentures were redeemed at par plus accrued interest.

For each C$1,000 principal of debentures redeemed, the company issued 285,714 class A share purchase warrants at an exercise price of C$3.50 exercisable until Dec. 13, 2017, in accordance with the trust indenture.

Based in Montreal, Orbite Technologies is a clean technology company specializing in extracting processes for the mining industry, especially alumina extraction.

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