February 28, 2013 (Source: Marketwire) Vancouver, BC — IBC Advanced Alloys Corp. (TSX VENTURE:IB)(OTCQX:IAALF) has closed the first tranche of its brokered private placement announced on January 28, 2013. The Company has issued 16,089,764 units of IBC for gross proceeds of $1,930,772.
Each Unit consists of one common share and one share purchase warrant with each Warrant having an exercise price of $0.18 until February 28, 2015. The securities were issued subject to a four-month resale restriction. Net proceeds from the Offering will be used for business development initiatives and for general working capital purposes. Insiders of the Company participated in the Offering.
The Company paid, in accordance with TSX Venture Exchange policy, finder’s fees of 7% cash and 7% agent’s warrants to Euro Pacific Canada Inc. for obtaining subscriptions and a $20,000 work fee.
IBC is an integrated manufacturer and distributor of rare metals (beryllium) based alloys and related products serving a variety of sectors including aerospace, automotive, telecommunications and a range of industrial applications. IBC has 86 employees and production facilities in Indiana, Massachusetts, Pennsylvania and Missouri. IBC is creating a dynamic global advanced alloys company. IBC’s common shares are traded on the TSX Venture Exchange under the symbol “IB” and the OTCQX under the symbol “IAALF”.
This news release was prepared by management of IBC, which takes full responsibility for its contents.
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: whether the second tranche of the Offering will be completed, whether the TSX-V will approve the Offering and whether the Offering will be used for general business development initiatives or general working capital. 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.
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.