FRANKLIN, IN – (October 7, 2020) – IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announces that it has secured renewals of its existing line of credit and its term loan facility with BMO Harris Bank (”BMO”). The renewals extend the line of credit and term loan facility until September 30, 2021. Approximately $3.5 million is available to the Company under the line of credit at an interest rate of Prime + 2.25%, and the term loan has a maximum of approximately $1.2 million at an interest rate of 6.5%.
“We wish to thank BMO Harris Bank for its continuing support of and partnership with IBC as we intensify our efforts to strengthen IBC’s operational performance and grow global sales of the unique mission-critical alloy products that we manufacture,” said Mark A. Smith, CEO and Director of IBC.
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
Mark A. Smith
Mark A. Smith, CEO and Chairman of the Board
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Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
@IBCAdvanced $IB $IAALF #Beryllium #Beralcast
About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC’s Copper Alloys Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC’s Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC’s has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. The Company’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQB under the symbol “IAALF”.
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.