IBI CORP V.IBI

RE: RE: tanzania?????? rotflmfao

[Gauwd]

smush, AGM?? let me ask this question again, AGM?? Here, in bigger bolder letters for the felcher pumpadoodledoo crew

AGM?

Lets talk about an AGM, HMMMM.... last one was in June 2009. This put the company in compliance with the exchanges as one of the rules to a continued listing is to ...... play by the rules. The AGM in June 2009 covered off for AGM's which were not held earlier, twice...... in a row........

Anybody here know what the Rule is for holding AGM's, hmmmm........ I could get the newbies to go fetch - it is verymuch easier to get this knowledge now with the internet, praise allah, but it is always better when it comes from an actual NR from our beloved company itself.

I could get newbies to go looking for old NR's, afterall, there isn't THAT many, and it shouldn't too difficult. But I will supply it all to you now.

Before i do this, how many months has it been since June 2009? Remember, it is January 2011.

Let me count them for you

July 2009 - 1
August 2009 - 2
September 2009 - 3
October 2009 - 4
okay this is boring... July 2009 to Jan 2011 is EXACTLY 18 months

Lets look at the rule - from a July 2009 NR - from our company, it is a NR regarding NON Compliance, go figure....:

To be ENTIRELY fair, I have pasted the whole NR, but highlighted the rule, for the newbies


Comments please.........

________________________________

IBI Receives Notice to Comply From TSX-Venture Exchange

Jun. 15, 2009 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, announces that the TSX Venture Exchange (the "Exchange") has completed its review of IBI Corporation (the "Company"), which it initiated in December, 2008. The company has co-operated with the TSX-V during the course of its review which identified a number of cases where the company had not complied with the TSX-V requirements. As a result of the review, the company has been placed on notice to comply with exchange requirements. Any further violations of exchange requirements may result in a review being commenced and applicable further action being initiated by the exchange against the company and its management, directors and officers.

The specific cases of non-compliance identified during the review are outlined below along with the actions taken by the company to remedy these deficiencies:

- The Exchange had noted that the Company had not held its Annual General Meetings within the timeframes specified by the Exchange on two separate occasions, namely within every fifteen months. The meeting that was held on June 10, 2009 brings the Company current in this respect. Furthermore, the Company undertakes to hold its subsequent Annual General Meetings within said timeframe.

- Although the Company had not issued stock options to individuals by name since December 1999, the Exchange considers that the Company has granted subsequent stock options on the determination that on August 21, 2007 the Company authorized 17,000,000 stock options with an exercise price of
.10, which is in contravention of Exchange regulations as the exercise price can only be set at the time of grant and that stock options can only be granted under an Exchange approved stock option plan.

- The Exchange noted that in the matter of a convertible debenture issued on or about December 31, 2005 (in the amount of $302,000, unsecured and bearing interest at 12% per annum, payable quarterly, for a term of five years from the date of issuance, and convertible to common share units on a stepped schedule related to the conversion date), the Company did not file the required submissions to the Exchange and therefore failed to receive Exchange acceptance for the convertible debentures in contravention of the Exchange Policy. As a requirement of this review the Company had filed and received Exchange acceptance of the filing documents of the convertible debenture on March 2, 2009. $263,000 of the convertible debentures were repaid in March/ April 2008.

- In the matter of an agreement between the Company and certain lenders in April, 2006, to settle promissory notes and the interest thereon by the issuance of shares, the Exchange indicates that the Company incorrectly filed the shares issuance as a private placement (rather than as a debt settlement) when 80% of the share issuance was for debt. Also in contravention of Exchange policy, the Company did not, in the news release dated March 6, 2006 (#242) indicate the percentage of the issuance that was for debt in accordance with compliant continuous disclosure.

- A press release by the Company of January 10, 2007 outlined the details of a private placement for 4,000,000 shares. The Company did not complete this private placement on the basis outlined and that specifically no updating disclosure had been issued by the company pertaining to the fact that the placement, under the terms outlined in the press release, had not been completed, which contravened Exchange policies.

- In the matter of certain press releases issued by the Company it has been noted by the Exchange that the Company had failed to comply with a number of Exchange requirements.

Instances of contravention cited by the Exchange during this review include the following: failing to disclose the name of a qualified person who has reviewed and approved the disclosure in 17 press releases; providing non-NI-43-101-compliant disclosure of historical results in two press releases; and on April 3, 2008, disclosing non-NI-43-101-compliant current resources

The Company has taken and is taking steps to improve its internal controls and corporate governance relating to matters such as noted by the Exchange to ensure compliance with all Exchange policies.

These steps include appointment of James Misener PhD P.Eng as its qualified person, and review and approval of all relevant news releases by Dr. Misener. In addition, the Board of Directors has approved and adopted a comprehensive corporate disclosure policy and a revised stock option plan to be submitted to the Exchange for approval.


Reader Advisory: Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, any potential outcomes resulting from the issuance of this news release. The reader is cautioned not to place undue reliance on this forward-looking information.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

For further information, please contact:

Gary A. Fitchett CA - President and CEO
Tel: [phone]
e.mail: [e-mail]

Dennis Mellersh - Investor Relations
Tel: [phone]
e.mail: [e-mail]


https://www.IBInvest.com


Source: IBI Corporation (TSX-V: IBI) https://www.IBInvest.com
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