VANCOUVER, BC – March 12, 2010 – IBC Advanced Alloys Corp. (TSX.V:IB) (“IBC” or the “Company”) is pleased to announce that it has accepted the exercise of the 15% over-allotment option (the “Option”) granted to Union Securities Ltd. and Pope & Company Limited (collectively, the “Agents”). Pursuant to the exercise of the Option the gross proceeds of the previously announced Short Form Prospectus Offering (the “Offering”) will increase by C$1,350,000 for maximum total gross proceeds of C$10,350,000.
Each Offering Unit is priced at C$0.17 and consists of one common share of IBC and one-half of one common share purchase warrant exercisable at C$0.25 (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share of IBC for a period of 24 months (subject to acceleration) following the date of closing of the Offering, which is scheduled to occur on or before March 19, 2010.
The additional net proceeds from the Offering resulting from the exercise of the Agents’ Option will be used to primarily further fund business development and build out initiatives at the Company’s previously announced acquisition of Beralcast Corporation.
The Offering is subject to certain conditions including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. This press release does not constitute an offer to sell, nor is it a solicitation of an offer to buy, securities.
About IBC Advanced Alloys Corp.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 65 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana and Missouri. Additionally, IBC owns prospective beryllium properties in the western US and Brazil covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB”.
For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Email: [email protected]
Website: www.ibcadvancedalloys.com
Further information on this financing can be obtained from:
Brock Daem and Jason Bedasse
Institutional Equity Sales
Union Securities Ltd.
1 (416) 777-0600
Grant White
Global Head, Capital Markets
Pope & Company Limited
1 (416) 588-6139
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Legal Notice Regarding Forward Looking Statements
This disclosure contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control including: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing operations and mineral exploration, therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
To view all past news releases go here.
