IBI Corporation Announcement
TORONTO, CANADA--IBI announced today that it has accepted the
resignation of Thomas A. Smeenk as a director and officer of the
Corporation and its subsidiaries effective July 9, 1999. The
company is seeking a new president.
The financing previously announced in a press release dated June
25, 1999 did not close on June 30th, since negotiations with
respect to completion of the transaction were reinitiated by the
Chairman of IBI on June 30th. Upon learning of Mr. Smeenk's
resignation on July 2nd, Northern Bancorp, on behalf of its
client, advised IBI that it would not be proceeding with the
investment of $1,500,000 for 15.79 percent of the company.
The payment of U.S.$450,000 to IMD in respect of IBI's option on
the Busumbu phosphate and Namekara vermiculite deposits was not
made on June 30th. The company is seeking an extension to the
option from IMD.
IBI has decided it will not proceed with a further investment in
Memex. It currently owns approximately 5 percent of the shares of
Memex.
As indicated in its press release dated March 5th, IBI's continued
quotation on CDN was subject to the company continuing to meet
CDN's quotation requirements on an ongoing basis, including the
requirement that IBI maintain financial resources sufficient to
carry out its business plan. Currently, IBI has insufficient
finances to fund phase 2 of its exploration program in Uganda.
Accordingly, IBI's common shares will resume trading on the
Canadian Dealing Network without quotation.
IBI Corporation trades on the Canadian Dealing Network under the
symbol IBIC. The Company has 200,718,869 common shares issued
after receipt of approximately $19,800 on the early exercise of
6-cent warrants and after the exercise of 345,000 directors'
options.
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FOR FURTHER INFORMATION PLEASE CONTACT:
IBI Corporation
Thomas A. Smeenk
President
(416) 777-1073
Email: info@ibicorp.com |
