Orbite Aluminae (T.ORT) falls 8.0% on “revised pricing”

Orbite Aluminae Inc. was down 8.0% to 40.5 cents after announcing that, further to deteriorating market conditions since the pricing of its contemplated public offering of units on Nov. 8, 2013, it has filed an amended and restated final short form prospectus providing revised pricing of its marketed offering of units. As a result of today's prospectus filing, the offering will close on Dec. 10, 2013. Each unit consists of $1,000 principal amount of 7.5% unsecured unsubordinated debentures and 875 share purchase warrants, such principal amount of debentures is convertible into shares at a price of $0.40 per share (instead of $0.465) and each warrant is exercisable into one share of the corporation at a price of $0.48 (instead of $0.558). The revised pricing is based upon the volume weighted average prices for the previous days. The other terms of the offering remain unchanged. The net proceeds from the offering will be used to complete the corporation's high-purity alumina plant located in Cap-Chat, Quebec, and for general corporate and working capital purposes.