IBC Advanced Alloys Announces Closing of its Non-Brokered Private Placement with Gross Proceeds of C$2.1 Million
FRANKLIN, IN (June 10, 2021) – IBC Advanced Alloys Corp. (TSX-V: IB; OTCQB: IAALF) (“IBC” or the “Company”) a leading beryllium and copper advanced alloys company, announces that it has closed the Company’s previously announced non-brokered private placement (the “Offering”).
Pursuant to the Offering, the Company issued 10,270,224 units of the Company (the "Units") at a price of C$0.20 per Unit for gross proceeds to the Company of approximately C$2,054,000. 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$0.23 until June 23, 2023. 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 2,623,324 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
"Mark A. Smith”
Mark A. Smith, CEO & Chairman of the Board
