Deal sells 19,893,670 units of a common share and a five-year warrant
By Devika Patel
Knoxville, Tenn., May 25 – IBC Advanced Alloys Corp. said it completed its C$7.46 million non-brokered private placement of units. The deal priced on April 7 and was increased to C$7 million from C$5.5 million on May 5.
The company sold 19,893,670 units of one common share and one warrant at C$0.375 per unit.
Each warrant will be exercisable at C$0.50 for five years. The strike price is a 733.33% premium over the company’s C$0.06 closing share price on April 6.
Proceeds will be used for capital expenditures at the company's Copper Alloys and Engineered Materials divisions to increase capacity and production efficiencies and as general business working capital.
The sale was conducted in connection with a larger corporate and capital restructuring, which included a share consolidation that settled on May 24.
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$7,460,126
|
| Units: | 19,893,670
|
| Price: | C$0.375
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | April 7
|
| Upsized: | May 5
|
| Settlement date: | May 25
|
| Stock symbol: | TSX Venture: IB
|
| Stock price: | C$0.06 at close April 6
|
| Market capitalization: | C$7.65 million
|
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