IBI CORPORATION: EXERCISE OF WARRANTS
TORONTO, ONTARIO--IBI Corporation (IBIC : CDN) (the "Company"), a junior mining company, announces the following updates:
Warrants from Rights Offering
Pursuant to the Company's rights offering of February 1999, which was fully subscribed, 18,183,844 units were issued, each unit including one warrant which entitles the holder to acquire one common share at $0.06 prior to February 21, 2000.
There are 17,830,964 warrants outstanding at this time, prior to the exercise noted below.
Major Shareholder Exercises Warrants
The former chairman, Edward Lai, has exercised warrants at $0.06 to acquire 1,545,000 common shares for a total consideration of $92,700. This amount was received by the Company by offset against shareholder loans owing to Mr. Lai.
The Company has 202,265,169 common shares issued and outstanding.
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