TSX-listed Orbite Technologies has entered into a letter of intent with Investissement Québec to provide the company with total financing of C$15-million.
Orbite advised Wednesday that the financing was expected to comprise the purchase of 10% convertible non-secured debentures in the principal amount of C$5-million, the purchase of class A shares of the company in the amount of C$5-million, together with the grant of a C$4.9-million bridge loan secured by the company’s 2016 refundable investment tax credits.
