ORBITE CLOSES $12 MILLION FINANCING BROKERED BY MGI SECURITIES

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

MONTREAL, Nov. 8 /CNW Telbec/ - Further to its press releases dated October 28 and November 1, 2010, Exploration Orbite V.S.P.A. Inc. ("Orbite") (TSX VENTURE: ORT.A) is pleased to announce it has completed its previously announced brokered private placement for total gross proceeds of CDN$12,150,000 (the "Offering"). The Offering was comprised of 27,000,000 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 entitles its holder to acquire one Class A share of Orbite at a price of $0.75 if exercised on or prior to November 5, 2011, or at a price of $0.85 if exercised thereafter. The Warrants will expire on November 5, 2012.

MGI Securities Inc. (the "Agent") acted as placement agent and received 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. Each compensation option entitles the Agent to purchase one Unit at a price of $0.45 per Unit at any time until November 5, 2012.

"The exceptional pace at which this $12 million financing was completed and the response that Orbite obtained from top tier institutional investors illustrate the confidence that the market has in our business plan.  Over 84% of the Offering was completed with institutional investors," declared the President of Orbite, Richard Boudreault.

"I have been following the developments of this company for over three years.  Richard Boudreault and his team have delivered on all the key milestones and now the company, with a new group of well known institutional shareholders, can continue with the next step in its evolution launching the pilot commercial plant," said John A. McMahon, Investment Banker at MGI Securities.

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 and closing of the financing are subject to regulatory approval from the TSX Venture Exchange Inc. The securities issued in the private placement are subject to a four-month hold period in accordance with applicable Canadian securities laws, until March 6, 2011. 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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