Orbite Technologies Inc. (TSX:ORT) announced a private placement of 8,500 convertible debentures at CAD 1,000 per debenture for gross proceeds of CAD 8,500,000 on September 28, 2016. The debentures were issued at par. The debentures will carry fixed interest rate of 7% per annum. The debentures will mature in two years. The debentures will be convertible into class A shares of the company at a fixed conversion price of CAD 0.44. The debentures are secured against the company's investment tax credit receivables resulting from capital expenditures at its high purity alumina plant in Cap-Chat, Quebec for the company’s 2015 financial year.