NEWSInternational Bio Recovery Corporation ("IBR") (TSX-V: IBR) an environmental biotech company with a proprietary technology to convert organic waste into high value, progressive soil fertility products, announced today that it intends to issue, by way of non-brokered private placement, up to 833,333 common share units at a price of US$0.24 per unit for gross proceeds of US$200,000. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at US$0.24 for a period of 24 months.
The proceeds of the financing will be used to retire secured demand debts and provide working capital to allow IBR to advance on-going marketing and development initiatives.
The private placement is subject to the receipt of all necessary approvals, including approval of the TSX Venture Exchange.
The common share units have not and will not be registered under United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.
About IBR
Located in North Vancouver, BC, IBR markets its technology products through the sale of licenses. The Company's current and medium term focus is to further develop its marketing capacity to enhance technology license sales. The Company is committed to research and development to continue to improve the effectiveness of its technology and the quality of its fertility products. It is further committed to developing a world wide marketing capability to ensure market acceptance of its fertility products.