CHICAGO Orbite Aluminae Inc. has secured funding to complete its high-purity alumina facility in Cap-Chat, Quebec.
The Montreal-based company, which produces alumina from aluminous clay rather than from traditional bauxite, said it had received a binding commitment for $40 million from Los Angeles-based institutional investor Crede Capital Group LLC.
Orbite is also focusing on other financing initiatives, including some involving talks with the Quebec government, it said, noting that those talks have "progressed well."
The company has said it is exploring funding options with the province (amm.com, Oct. 15).
Meanwhile, trading of Orbites shares on the Toronto Stock Exchange resumed Nov. 11 after being halted three days earlier by the Investment Industry Regulatory Organization of Canada.