VANCOUVER, BC — February 24, 2010 – IBC Advanced Alloys Corp. (TSX.V:IB) (“IBC” or the “Company”) announces that it has filed an amended and restated preliminary short-form prospectus (the “Amended Preliminary Prospectus”) with securities regulatory authorities in the provinces of British Columbia, Alberta, and Ontario in connection with a best efforts offering of units (the “Units”) of IBC (the“Offering”) to raise gross proceeds of up to C$8,500,000, subject to a 15% over-allotment option. The Offering will be led by Union Securities Ltd. and Pope & Company Limited (collectively, the “Agents”).
Each Unit will be priced at C$0.17 and will consist 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 will entitle 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 12, 2010. For their services rendered in connection with the Offering, the Agents will receive a cash commission equal to 7% of the gross proceeds raised under the Offering and broker warrants exercisable to acquire that number of units of the Company, having the same terms as the Units, at a price of $0.17 per unit as is equal to 7% of the total number of Units sold under the Offering, at any time until the date which is 24 months after the closing of the Offering. The amount of the offering has been increased from C$8,000,000 to C$8,500,000 due to investor interest and to ensure compliance with the terms of the Beralcast Corporation acquisition agreement.
The net proceeds from the Offering will be used to fund the announced acquisition of Beralcast Corporation, new business development initiatives, further exploration of mineral properties and for general working capital purposes, all as more particularly described in the Amended Preliminary Prospectus. The Offering is subject to certain conditions including, but not limited to, the execution of a definitive agency agreement with the Agents and the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
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 60 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.
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