VANCOUVER, BC – September 19th, 2011 – IBC Advanced Alloys Corp. (TSX.V:IB) (“IBC” or the “Company”) has withdrawn its recently announced planned short-form prospectus financing. This decision was taken by the Company and its investment banking advisors, Euro Pacific Canada Inc., who believe that any financing at current indicated pricing would not be in the best interests of the Company and its shareholders.
“The primary use of proceeds of the Offering was to pay down existing debt and strengthen IBC’s balance sheet,” said Anthony Dutton, President and CEO of IBC Advanced Alloys. “However, IBC’s management, board and advisors concluded that recent irregular trading activity and the resulting drop in share price does not represent a fair and reasonable value for the Company. We have consistently demonstrated,” continued Dutton,” that we have a strong and growing company with enormous potential. Any financings the Company may entertain will only be done in this context and in the best interests of the Company and its shareholders.”
As previously disclosed, the Company successfully completed a gross $8m prospectus financing in June 2011. The Company is currently allocating this capital in accordance with the use of proceeds contained in the prospectus filed June 14, 2011 and is fully funded well into 2012.
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 80 employees and is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. Additionally, IBC owns prospectiveberyllium properties in the Western US 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
+1 (604) 685-6263 ext. 110
Further information on this financing can be obtained from:
Russell N. Starr
Head of Institutional Equities and Director
Euro Pacific Canada Inc.
+1 (416) 649-4272
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.
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 activities therefore the Company’s future results, performance or achievements could differ materially from those expressed in these forward-looking statements. 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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