ORT.A... Canaccord Morning Coffee.........
EXPLORATION ORBITE* (ORT.A : TSX-V : $2.17), Net Change: 0.39, % Change: 21.91%, Volume: 4,851,006
Finding some bids. Shares of Exploration Orbite jumped after the company provided a corporate update Tuesday, highlighting
that the company's operations are progressing in accordance with the anticipated timeline and that it anticipates achieving its
principal objectives projected for 2011 and 2012. These objectives include migration of its listing to the TSX Exchange,
advancing its patented process in order to produce standard grade and high purity alumina in consistent qualities within specific
operational parameters, upgrade of its high purity alumina pilot plant and the completion of a feasibility study. The company
also announced that it has obtained a receipt for its final prospectus, qualifying for the distribution of 17,968,750 class A shares
of the company and 8,984,375 common share purchase warrants of the company issuable upon the automatic exercise of
17,968,750 previously issued special warrants. The automatic exercise of the Special Warrants is expected to occur at 5:00
p.m. EST on September 22, 2011, being the third business day after the issuance of the receipt. Management noted that the
receipt for the prospectus was obtained within the prescribed deadline. In July, shares of Orbite spiked after the company
announced that it has successfully extracted alumina from samples of Guinean bauxite. Repeated internal laboratory tests and
reviews by independent engineers have confirmed the potential of Orbite's process to extract alumina from bauxite. This unique
process could potential become a viable substitute for the Bayer process, an invention that has remained virtually unchanged
since 1887. One Bay Street analyst stated that, "This represents a milestone of enormous proportions for Orbite and the alumina
industry." Adding, "This is an important catalyst for the stock since demonstrating the process can extract alumina from bauxite
could result in substantial technology licensing revenues." |
