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IBC Advanced Alloys Announces Convertible Note Financing
The Loan is convertible, at the option of Firebird, into units comprising one common share (the "Conversion Shares") and one full warrant (the "Conversion Warrants"), for an aggregate of 1,612,903 units of the Company based on the closing price of the Company's shares on November 12, 2009. If Firebird elects to convert the Loan before the Company completes a financing of at least $2,000,000, or if the Company does not close such financing, the conversion price will be $0.14 per unit. If the financing closes, the Loan will automatically convert into units at a 20% discount to the offering price of the financing (the "Discount Conversion Price").
The Loan bears interest at 10% per year, and has a four-month maturity date subject to acceleration in the event that the Company completes a financing for a minimum amount of $2,000,000. Firebird has the option to convert accrued interest into common shares (the "Interest Shares") at a rate of $0.14 per share.
Firebird and Firebird Global Master Fund II Ltd., through their respective management companies, beneficially own an aggregate of 37,724,198 shares representing 32.6% of the Company's current issued and outstanding common shares. Upon conversion of the Loan at the Discount Conversion Price and assuming no Interest Shares are issued and no Conversion Warrants are exercised, the 1,612,903 Conversion Shares and 37,724,198 common shares will represent 33.5% of the Company's then issued and outstanding common shares.
The Loan to the Company is to be undertaken for investment purposes only, and Firebird may increase and decrease its shareholdings in the Company as circumstances may arise. Finalization of the convertible unsecured promissory note is subject to certain conditions including, but not limited to, the receipt of all necessary corporate and regulatory approvals, including the acceptance of IBC's board of directors and the TSX Venture Exchange
About IBC Advanced Alloys Corp.
IBC Advanced Alloys Corp. is an integrated manufacturer and distributor of beryllium-based alloys and related products serving a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. IBC has 59 employees and is headquartered in Vancouver, Canada with production facilities in Pennsylvania, Indiana and Missouri. Additionally, IBC owns prospective beryllium properties in the Western US and Brazil covering approximately 9,500 hectares. IBC is creating a dynamic global beryllium and advanced alloys company. IBC's common shares are traded on the TSX Venture Exchange under the symbol "IB".
For additional information please contact:
IBC Advanced Alloys Corp.
Ian Tootill, Director of Corporate Communications
(604) 685-6263 ext 110
Legal Notice Regarding Forward Looking Statements
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: the impact of general economic conditions in the areas in which the Company operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. In addition there are risks and uncertainties associated with manufacturing operations and mineral exploration, therefore the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements will transpire. 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.