IB gets $1.35-million with over-allotmentIBC Advanced gets $1.35-million with overallotment
IBC Advanced Alloys Corp(C:IB)
Shares Issued 115,709,480
Last Close3/11/2010
.18
Friday March 12 2010 - News Release
Mr. Ian Tootill reports
IBC ADVANCED ALLOYS CORP. AGENTS EXERCISE OVER-ALLOTMENT OPTION INCREASING OFFERING TO C$10,350,000
IBCAdvanced Alloys Corp. has accepted the exercise of the 15-per-centoverallotment option granted to Union Securities Ltd. and Pope &Co. Ltd. (the agents). Pursuant to the exercise of the option, thegross proceeds of the previously announced short form prospectusoffering will increase by $1.35-million, for maximum total grossproceeds of $10.35-million.
Each offering unit is priced at 17 cents. Each unit consists of onecommon share of IBC and one-half of one common share purchase warrantexercisable at 25 cents. Each warrant entitles the holder to purchaseone common share of IBC for a period of 24 months (subject toacceleration) following the date of closing of the offering, which isscheduled to occur on or before March 19, 2010.
The additional net proceeds from the offeringresulting from the exercise of the overallotment option will primarilybe used to further finance business development and buildoutinitiatives at the company's previously announced acquisition ofBeralcast Corp.
The offering is subject to certain conditions, including the receipt ofall necessary approvals, including the approval of the TSX VentureExchange and the applicable securities regulatory authorities.