New PR Just Released a few minutes ago. Looks good:
IBC Advanced Alloys Corp. Arranges Non-Brokered $1.0 Million Private Placement
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, BC, May 26, 2015 - IBC Advanced Alloys Corp. (TSX-V: IB;) ("IBC" or the "Company") has arranged private placement subscription agreements for 10,000,000 common share units ("Units") of the Company at a price of $0.10 per Unit for gross proceeds of $1,000,000 (the "Offering"). The Offering is non-brokered, scheduled to close on or before June 5, 2015 (the "Closing Date") and is subject to necessary approvals including the approval of the TSX Venture Exchange.
Each Unit consists of one common share ("Common Share") of IBC and one-half common share purchase warrant.Each full warrant shall entitle the holder to purchase one additional Common Share of the Company at an exercise price of $0.18 at any time up to 24 months from Closing Date. The warrants will be subject to a forced conversion ("
Forced Conversion"), at the option of the Company, if the Common Shares trade at or above $0.45 per share for a period of 20 consecutive trading days. The warrants will expire on the 20th business day following the date that notice of the Forced Conversion is sent to the warrant holders.
The Company has agreed to pay a cash finder's fee equal to 7% of the gross proceeds of the Offering and to grant finder's warrants equal to 7% of the number of shares sold under the Offering. Each finder's warrant will entitle the holder to purchase one common share of the Company at a price of $0.10 for a period of 24 months from the Closing Date.
The Company intends to use the net proceeds from the private placement for working capital purposes. "The financing addresses IBC's project finance requirements, aerospace working capital needs, including new programs in the development phase and facilitates a pathway to increased revenues and production for 2015," said Simon Anderson, IBC's Chief Financial Officer.
THE COMMON SHARES, EQUITY UNITS AND UNITS HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS.
