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Gold/Mining/Energy : IBI CORP IBIC (CDN)
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To: Stocker who wrote (214)2/25/1999 5:44:00 PM
From: Elizabeth A Rice  Read Replies (1) of 422
 
Stocker: Read and check the press releases on stockwatch.com and you will know that IBIC was halted Monday for the announcements which was about the rights offering, then had what is called a preopen. A preopen allows MMs and brokers to take positions in the stock but is not the same as being fully quoted. On tuesday the volume was over 2million shares traded (.06-.08, close of .07), yesterday was 60,000 close of .06.

Also within the rights offering cirucular it says the the CDN has approved full listing with conditons for IBIC. One of these conditions was the release of the rights offering circular which was done on monday. The final condition was that for fully quoted listing was the mailing of the rights offering to qualified shareholders. A certified receipt of the mailing was required by the CDN for verification. That
verification was sent to the CDN yesterday. IBIC has met all conditions placed on them for full listing on the CDN as a fully quoted company.

As far as financing goes the rights offering is part of the package. At the AGM in November the financing deal with the East African Development Bank was out lined. They will be providing 1.8X the rights offering up to 5 million. The final number being provided by the EADB won't be able to finalized until the rights offering has been concluded. I have heard that all officers and significant shareholders are planning on exercising their rights and the IBIC expects it to be fully subscribed.

I don't know the whole story behind how IBIC got the rights to this property but the bottom line here is that they did. This is an unfolding story that I for one am lookng forward to following.

Elizabeth
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