Cease trade order against Orbite Aluminae Inc.
Thursday, March 01, 2012
Montréal – On February 24, 2012, with the consent of the Autorité des marchés financiers (the "AMF") and Orbite Aluminae Inc., the Bureau de décision et de révision (the "Bureau") issued a temporary order to cease any activity in respect of a transaction in securities of this mining exploration company whose securities were trading on the TSX under the symbol ORT.
The AMF requested this order because the technical report filed by Orbite Aluminae Inc. in January 2012 did not comply with the requirements of Regulation 43-101 respecting standards of disclosure for mineral projects. The AMF is of the opinion that the report contains several material shortcomings with respect to elements in the rare earths group. These shortcomings make it impossible to analyze all of the information used to establish the preliminary economic assessment presented in a press release issued in late November 2011 in which the elements in the rare earths group accounted for 56% of projected revenues for the Grande-Vallée project.
This order will remain in effect until a new order is filed with the Bureau so that a final ruling can be issued. This final ruling will then be in effect until the cease trade order is lifted by the Bureau after Orbite Aluminae Inc. corrects all shortcomings by providing the information required by the AMF.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial industry.
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