🕐23.03.10 - 21:32 Uhr
IBC Advanced Alloys Corp. Announces Closing of $10.35 Million Offering Including
a Full Exercise of the Over-Allotment Option
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Re: News Release - Tuesday, March 23, 2010
IBC Advanced Alloys Corp.
Announces Closing of $10.35 Million
Offering Including a Full Exercise of the Over-Allotment Option
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VANCOUVER, BC -- March 23, 2010 - IBC Advanced Alloys Corp.
(TSX.V:IB)
("IBC" or the "Company") is pleased to announce that it has closed its
previously announced short-form prospectus offering, raising gross
proceeds of C$10,350,000 for the Company.
Union Securities Ltd.
and
Pope & Company Limited (collectively, the "Agents") acted as Agents for
the Company with respect to the sale of 60,882,354 units ("Units") of
IBC at a price of C$0.17 per Unit (the "Unit Offering").
In connection
with the Unit Offering, the Company granted the Agents an
over-allotment option to require IBC to issue up to an additional 15%
of the Units actually sold at the closing of the Unit Offering, which
the Agents exercised in order to increase the number of Units sold from
52,941,177 to 60,882,354.
Each Unit is priced at C$0.17 and consists of one common share of IBC
(a "Unit Share") and one-half of one common share purchase warrant
exercisable at C$0.25 (each whole warrant, a "Warrant").
Each Unit
Warrant entitles the holder to purchase one common share of IBC for a
price of C$0.25 per common shares until 4:00 pm (Pacific Standard Time)
on March 23, 2012 subject to acceleration of the exercise period in
certain circumstances.
If following the closing of the Unit Offering,
the Companys closing price is C$0.50 or more per common share for 20
consecutive trading days on the TSX Venture Exchange, or an equivalent
stock exchange (the "Accelerating Event"), the exercise period of the
Unit Warrants may be reduced to expire on the date that is 30 days
following the Accelerating Event.
The Agents were paid a cash commission of C$724,500.00 in connection
with the Unit Offering and received an aggregate of 4,261,764 broker
warrants to acquire up to 4,261,764 common shares at a price of C$0.17
per common share until March 23, 2012.
This press release does not constitute an offer to sell, nor is it a
solicitation of an offer to buy, securities in the United States.
The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S.
Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S.
Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals
(beryllium) based alloys and related products serving a variety of
industries including nuclear energy, automotive, telecommunications and
a range of industrial applications.
IBC has 65 employees and is
headquartered in Vancouver, Canada with production facilities in
Pennsylvania, Indiana and Missouri.
Additionally, IBC owns prospective
beryllium properties in the western US and Brazil covering
approximately 9,500 hectares.
IBC is creating a dynamic global
beryllium and advanced alloys company.
IBCs common shares are traded
on the TSX Venture Exchange under the symbol "IB".
For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email:
Website: www.ibcadvancedalloys.com
This news release was prepared by management of IBC, which takes full
responsibility for its contents.
Neither 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.
Legal Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements," as that term
is defined in Section 27A of the United States Securities Act of 1933,
as amended, and Section 21E of the United States Securities Exchange
Act of 1934, as amended.
Statements in this news release which are not
purely historical are forward-looking statements and include any
statements regarding managements current beliefs, plans, expectations
or intentions regarding the future.
Such forward-looking statements
include, among others, the expectations and/or claims, as applicable,
that: IBC is: (i) creating a dynamic global beryllium and advanced
alloys company; and (ii) undertaking global growth initiatives.
Actual results could differ from those projected in any forward-looking
statements due to numerous factors, many which are beyond the Companys
control.
Such factors include, among others: (i) the risk that IBC does
not execute its business plan; (ii) the inability of IBC to keep pace
with market requirements; (iii) IBCs inability to maintain key
relationships with suppliers and customers; (iv) IBC not being able to
retain key employees; (v) competitors providing better or cheaper
products; (vi) markets for IBCs products not developing as expected;
(vii) IBCs inability to finance its operations or growth; (viii) the
inability to obtain all necessary government and regulatory approvals;
(ix) the inability to effectively market IBCs products, including the
establishment of viable relationships with third parties; and (x)
fluctuating beryllium prices may negatively impact IBCs business plans
and strategies; and other risks and uncertainties, including those
described in the Prospectus dated March 15, 2010 filed with the
applicable securities commissions and available on www.sedar.com.
These
forward-looking statements are made as of the date of this news release
and IBC assumes no obligation to update the forward-looking statements,
or to update the reasons why actual results could differ from those
projected in the forward-looking statements.
Although IBC believes that
the beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance those beliefs, plans,
expectations, or intentions will prove to be accurate.
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Copyright (c) 2010 IBC ADVANCED ALLOYS CORP (IB) All rights reserved.
For more information visit our website at
http://www.ibcadvancedalloys.com/ or send
mailto:
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