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 |
