Orbite receives $4-million in government funding

2014-01-30 15:20 ET - News Release

Mr. Glenn Kelly reports

ORBITE RECEIVES 4M$ FINANCIAL CONTRIBUTION FROM CANADA ECONOMIC DEVELOPMENT

Orbite Aluminae Inc. has been granted a $4-million non-interest-bearing repayable financial contribution from Canada Economic Development for Quebec regions. The announcement occurred at Orbite's technology development centre in Laval, Que., by Denis Lebel, the federal Minister of Infrastructure, Communities and Intergovernmental Affairs, and Minister of the Economic Development Agency of Canada for the Regions of Quebec.

"We are very thankful for the confidence and financial commitment provided by the agency, which will be dedicated to the purchase and installation of our alumina calcinator, a key element in our high-purity alumina production facility," declared Glenn Kelly, Orbite's chief operating officer and executive vice-president. "We are especially pleased that the announcement is taking place at our technology development centre, where our state-of-the-art technologies are developed and validated."

"The government of Canada actively supports business projects like the one being carried out by Orbite Aluminae in order to ensure sustainable and job-creating growth. These investments in Cap-Chat will generate major positive social and economic benefits for the surrounding area, as well as for the entire Gaspesie region," mentioned Mr. Lebel in his speech.

The contribution is interest free, repayable in 10 consecutive equal semi-annual instalments starting 24 months following completion of the HPA facility and was awarded through Canada Economic Development's Quebec Economic Development program.