ORBITE ANNOUNCES $10 MILLION FINANCING BROKERED BY MGI SECURITIES

EXPLORATION ORBITE V.S.P.A. INC.
(TSX Venture: ORT.A)

MONTREAL, Oct. 28 /CNW/ - Exploration Orbite V.S.P.A. Inc. ("Orbite") (TSX VENTURE: ORT.A) is pleased to announce its intention to complete a brokered private placement to raise up to CDN$10,350,000 (the "Offering"). The Offering will be comprised of up to 23,000,000 units (the "Units") priced at $0.45 per Unit, each Unit being comprised of one Class A share in the capital of Orbite and one-half of one Class A share purchase warrant of Orbite (each whole common share purchase warrant, a "Warrant"). Each Warrant shall entitle the holder to acquire one Class A share of Orbite at a price of $0.75 if exercised within 12 months from the date of closing of the Offering, or at a price of $0.85 if exercised between 12 and 24 months from the date of closing of the Offering. The Warrants shall expire 24 months from the date of closing of the Offering.

Orbite has retained MGI Securities Inc. (the "Agent") to act as placement agent and shall receive a cash compensation of 7% of the gross proceeds raised in addition to compensation options equal to 10% of the number of Units sold in the Offering. The Agent's compensation option will entitle the Agent to purchase one Unit at $0.45 per Unit at any time prior the second anniversary of the date of closing of the Offering.

The proceeds from the Offering will be used for working capital purposes.  They are expected to contribute to the acceleration of Orbite's efforts towards the eventual establishment of a commercial-scale plant and the development of commercial applications.

The Offering will be made to "accredited investors" in the Provinces of Alberta, British Columbia, Ontario and Quebec and such other jurisdictions agreed upon by Orbite and the Agent.

The Offering and closing of the financing are subject to regulatory approval from the TSX Venture Exchange Inc.

The securities to be issued in the private placement will all be subject to a four-month hold period in accordance with applicable Canadian securities laws. The securities have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and, until so registered, may not be offered or sold in the United States or any state or to, or for the account of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

About MGI Securities Inc.

MGI is an integrated Canadian investment dealer offering professional wealth management solutions for individual investors, a comprehensive range of specialized services for institutional investors, and corporate finance advisory services for issuers, including mergers and acquisitions, equity underwritings, corporate restructuring, structured financings, market research, and business valuation services. MGI is based in Toronto, with additional offices in Winnipeg, Saskatoon, Calgary and London, Ontario. MGI is a member of IIROC and is a subsidiary of Jovian Capital Corporation (TSX: JOV.TO). MGI has approximately $1.2 billion in client assets under administration.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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