FRANKLIN, Ind., July 09, 2019 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) today announced that the Board of Directors of the Company has approved the issuance of up to a total of 406,228 common shares at a deemed price per share between C$0.321 and $0.211 to its non-executive directors and certain employees and consultants in consideration of their service to the Company for the period from July 2018 through May 2019. The issuance of the shares is subject to the approval of the TSX Venture Exchange (“TSX-V”). The shares will be subject to a four-month-and-one-day hold period from the date of issuance.
Mark A. Smith, Geoffrey Hampson, and Michael Jarvis currently hold an aggregate of approximately 9.83% of the issued and outstanding common shares of the Company. Each issuance of common shares to General Heinz and the non-executive directors constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”) and TSXV Policy 5.9 Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of the Company’s market capitalization.
The Company also announced that, further to its press release dated June 7, 2019, the Company issued 737,059 common shares in the capital of the Company to holders of 9.50% unsecured debentures due June 6, 2023 and 8.25% convertible unsecured debentures due June 6, 2023, respectively, in satisfaction of an aggregate total of C$160,610 interest payable to such holders.
On Behalf of the Board of Directors:
Mark Smith, Chairman
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
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About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC's Copper Alloys Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC's Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC's has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. The Company's common shares are traded on the TSX-V under the symbol "IB" and the OTCQB under the symbol "IAALF".
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.
Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the issuance of common shares and TSX-V approval. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. 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.
Please see “Risks Factors” in our Annual Information Form available under the Company’s profile at www.sedar.com, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.