IBI Corporation Private Placement And Finance Updates
TORONTO, ONTARIO--
IBI Corporation (IBIC : CDN) (the "Company"), a junior mining company, announces a number of finance related updates:
Private Placement
The Company has structured the private placement of 12,500,000 units priced at Cdn$0.04 each. Each unit will consist of one
common share and one warrant which may be exercised at any time within two years, to acquire an additional common share
at the price of $0.045.
The common shares and the warrants are subject to a one-year hold period from the date of purchase.
7,500,000 units at an aggregate consideration of Cdn$300,000 have been subscribed, and are expected to close before the end of
February 2000. These placements are at arms-length to the Company.
The funds will be utilized to further the Company's business plan.
Exercise of Warrants
The Company has settled an outstanding loan and accrued interest from December 1998/ January 1999 from an arms-length
third-party by the exercise of warrants from the rights offering to acquire 1,000,000 common shares at the price of $0.06 each,
being a total consideration of $60,000.
Extension of 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 15,285,964 warrants outstanding at this time, subsequent to the exercise noted above.
At the request of shareholders and other interested parties, the expiry date for exercise of the warrants has been extended until
March 31, 2000.
All other terms of the warrants remain unchanged.
Common Shares Outstanding
The Company has 203,265,169 common shares issued and outstanding, before this placement and after the exercise of warrants
noted above. |
