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Gold/Mining/Energy : IBI CORP IBIC (CDN)

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To: Elizabeth A Rice who wrote (154)	11/27/1998 10:35:00 PM
From: Elizabeth A Rice	Read Replies (1) of 422

Details of rights offering for existing shareholders>>>>>>>>>>>>> "PURSUANT TO A RIGHTS OFFERING CIRCULAR DATED NOVEMBER 1998, THE COMPANY IS ISSUING TO EACH SHAREHOLDER OF RECORD AS OF NOVEMBER 30,1998 ONE RIGHT FOR EACH COMMON SHARE HELD. EACH TEN RIGHTS WILL ENTITLE THE HOLDER TO PURCHASE ONE UNIT AT A PRICE OF .04 CDN PRIOR TO EXPIRY ON DECEMBER 31,1998. EACH UNIT CONSISTS OF ONE COMMON SHARE AND ONE WARRANT WHICH WILL ENTITLE THE HOLDER TO ACQUIRE ONE COMMON SHARE AT .06 CDN PRIOR TO DECEMBER 31,1999. EACH HOLDER WHO EXERCISES A WARRANT PRIOR TO MAY 31,1999 WILL RECEIVE FOR NO ADDITIONAL CONSIDERATION ANOTHER ONE-HALF "BONUS" WARRANT. TWO SUCH BONUS WARRANTS WILL ENTITLE THE HOLDER TO ACQUIRE ONE COMMON SHARES AT .10 CDN PRIOR TO MAY 31,2000.

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