The Toronto Stock Exchange reports that Orbite Technologies Inc.'s 9-per-cent convertible secured debentures due Aug. 10, 2021, will be listed and will begin trading at the open on Dec. 12, 2016. According to the TSX, there will be $12-million principal amount of debentures, and the debentures will trade under the symbol ORT.DB.E and Cusip No. 68558W AF 9.

As stated in the company's Aug. 10, 2016, news release, Orbite issued $12-million principal amount of 9-per-cent convertible debentures, in the minimum principal amount of $1,000, under a private placement. The private placement closed on Aug. 10, 2016, and the final maturity date for the debentures is Aug. 10, 2021.

According to the TSX, an interest payment of 9 per cent per year is payable on the debentures, semi-annually in arrears on May 31 and Nov. 30 of each year. The initial interest payment will be $44.88 per $1,000 principal amount will be paid on May 31, 2017. This amount will include interest accrued from the last interest payment date of Nov. 30, 2016, to, but excluding, May 31, 2017.

The TSX reports that the holders of the debentures may convert the debentures into shares of the company, at any time up to the close of business on the fifth business day immediately preceding the final maturity date, for 2,381 fully paid and non-assessable Class A shares, representing a conversion price of 42 cents per share. Holders will also be entitled to receive accrued and unpaid interest since the last interest payment date, payable in cash.

For more information, see the company's debenture indenture dated Aug. 10, 2016, available on SEDAR.