IBC Advanced Alloys Corp (IAALF)

[Middleborder]

Bernice; Here we go...

https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aIB-2749468&_ga=2.62237612.182841032.1556545510-1400977181.1556545510

IBC Advanced Alloys Corp. has closed the company's previously announced non-brokered private placement.

Pursuant to the offering, the company issued 2,477,080 units of the company at a price of 22 cents per unit for gross proceeds to the company of approximately $545,000. Each Unit consists of one common share of IBC (each, a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one common share of the Company at a price of C$0.28 until April 29, 2022. All of the securities issued pursuant to the Offering are subject to a four month hold period in accordance with applicable Canadian securities laws. Proceeds of the Offering will be used for working capital and general corporate purposes.

Mark Smith, Geoff Hampson and Simon Anderson, directors of the Company, participated in the Offering by purchasing an aggregate of 682,047 Units. Accordingly, the Offering constitutes a related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of any securities issued to nor the consideration paid by such persons would exceed 25% of the Company's market capitalization. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participation therein by related parties of the Company were not settled prior to the closing of the Offering and the Company wished to close on an expedited basis for sound business reasons.