Deal sells units of one share, a half-share warrant at C$0.10 per unit
By Devika Patel
Knoxville, Tenn., June 10 – IBC Advanced Alloys Corp. said it raised C$1.6 million in the first tranche of its C$1.75 million non-brokered private placement of units. The deal priced on May 26 and was increased from C$1 million on May 27.
The company is selling 17.5 million units of one common share and one half-share warrant at C$0.10 per unit. It sold 16 million units in the initial tranche.
Each whole, two-year warrant is exercisable at C$0.18, a 50% premium to the May 25 closing share price of C$0.12.
Settlement of the second tranche is expected June 15.
Proceeds will be used for working capital purposes.
The manufacturer and distributor of beryllium-based alloys and related products is based in Vancouver, B.C.
| Issuer: | IBC Advanced Alloys Corp.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$1.75 million
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| Units: | 17.5 million
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| Price: | C$0.10
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.18
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| Agent: | Non-brokered
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| Pricing date: | May 26
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| Upsized: | May 27
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| Settlement date: | June 10 (for C$1.6 million), June 15
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| Stock symbol: | TSX Venture: IB
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| Stock price: | C$0.12 at close May 25
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| Market capitalization: | C$8.46 million
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