NEWS RELEASE TRANSMITTED BY CCN DISCLOSURE
IBI Corporation: Private Placement Fully Subscribed
TORONTO, ONTARIO--IBI Corporation (IBIC : CDN) (the "Company"), a junior mining and investment company, announces the following updates:
Private Placement Completed
On February 21, 2000, the Company announced the structuring of a private placement of 12,500,000 units priced at $0.04 each. Each unit consisted 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.
The full proceeds of $500,000 has now been received or subscribed to date from arm's-length purchasers. It is contemplated that closing will take place in approximately 7-10 days.
Gary A. Fitchett, President, stated that: "This financing support demonstrated the strength and loyalty of the substantial group of committed shareholders. These funds have allowed the Company to activate its subsidiary, Canmin Resources Limited of Uganda, and proceed forward with the Namekara Vermiculite project. The further funds committed in the past two weeks will allow Canmin to acquire the mine site properties, closings of which are scheduled to take place on October 17 and 18, 2000, and to finish acquiring certain production equipment. Completion of these purchases will allow the Company to be in a position to commence a limited level of commercial production in the next 30-45 days."
Other Updates on Namekara Vermiculite Project
* A 20 tonne container of dried raw vermiculite has been moved to the fabrication plant in nearby Mbale where it will be utilized for testing of the new processing equipment;
* Water storage tanks and related equipment are being installed on site near the recently constructed water well;
Extension of Warrants from Rights Offering
As approved at the recent AGM, and at the request of a number of shareholders and interested parties, the expiry date for exercise of the 13,598,516 outstanding warrants originating from the rights offering of April 1999 has been extended until December 31, 2000. These warrants are exercisable at $0.06. All other terms of the warrants remain unchanged.
Shares Outstanding
The Company has 204,952,878 common shares issued and outstanding, before the closing of the private placement outlined above. |
