Proceeds used for business development and general working capital
By Devika Patel
Knoxville, Tenn., Feb. 28 - IBC Advanced Alloys Corp. said it raised C$1.93 million in the initial tranche of a C$2 million private placement of units. The deal priced Jan. 28.
The company is selling 16,666,667 units of one common share and one warrant at C$0.12 per unit. It sold 16,089,764 units in the first tranche.
Each two-year warrant will be exercisable at C$0.18, a 12.5% premium to the Jan. 25 closing share price of C$0.16. The first-tranche warrants expire on Feb. 28, 2015.
Euro Pacific Canada Inc. is the agent. Insiders are participating in the offering.
Proceeds will be used for business development initiatives and general working capital.
The manufacturer and distributor of beryllium-based alloys and related products is based in Vancouver, B.C.
| Issuer: | IBC Advanced Alloys Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 16,666,667
|
| Price: | C$0.12
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Feb. 28, 2015
|
| Warrant strike price: | C$0.18
|
| Agent: | Euro Pacific Canada Inc.
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 28 (for C$1,930,772)
|
| Stock symbol: | TSX Venture: IB
|
| Stock price: | C$0.16 at close Jan. 25
|
| Market capitalization: | C$38.16 million
|
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