Sign up USA
Proactive Investors - Run By Investors For Investors

IBC Advanced Alloys increases bought deal financing to $3.0 million

IBC Advanced Alloys increases bought deal financing to $3.0 million

IBC Advanced Alloys (CVE:IB) announced Friday it increased its previously announced bought deal financing with Euro Pacific Canada, from $2.5 million to $3.0 million.

Under the terms of the deal, Euro Pacific will now purchase an additional 2.5 million "equity units" for a total of five million equity units at a purchase price of $0.20 each, and a total of 10 million "units" at a purchase price of $0.20 each.

This adds $500,000 to the financing, for a total of $3.0 million, the company said.

Each equity unit consists of one unit, one-half of one subscription right, with each whole right entitling the holder to purchase one unit for $0.20 on a date that is 30 days from closing, and a one-half of a subscription right that, in full, can be redeemed for one unit for $0.20 at a date that is 60 days from closing.

Meanwhile, each unit consists of one common share of IBC, and one-half of one common share purchase warrant. Each whole warrant entitles the owner to acquire one common share of IBC for $0.25 for a period of two years from closing.

IBC has also proportionally increased the over-allotment option that was originally granted to Euro Pacific, which now has an option to purchase an additional 2.25 million "equity units" for another 30 days following the close of the financing, expected on October 24.

This over-allotment option can add gross proceeds of $450,000, IBC said.

The manufacturer of rare metals-based alloys said it will use the proceeds from the financing to strengthen its balance sheet by paying down its notes payable. If any additional funds exist, IBC said it will also use the proceeds to add inventory, and for general working capital purposes.

IBC's alloys serve a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications.

The company, which is headquartered in Vancouver, Canada with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri, also owns prospective beryllium properties in the Western US covering approximately 9,500 hectares.

View full IB profile View Profile

IBC Advanced Alloys Corp Timeline

Related Articles

1508431368_iplayco-wall.jpg
November 19 2017
When finalised, Iplayco will own the IP rights to the Play Mart and Play Planet brands, as well as the Play Planet line of business. .

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use