IBI CORPORATION GRANTED CDN REINSTATEMENT
TORONTO, ONTARIO--
IBI Corporation announced today that the Canadian Dealing Network
(CDN) has approved the reinstatement of IBI's quotation on the
CDN system. Quotation of the Company's shares under the symbol
IBIC and its rights under the symbol IBIC.RTS will be available
starting March 5, 1999.
IBI Corporation's quotation on the CDN System will be subject to
IBI continuing to meet CDN's quotation requirements on an ongoing
basis, including the requirement that IBI maintain financial
resources sufficient to carry out its business plan. Currently,
IBI has financial resources to fund its operations for Phase I of
its exploration program in Uganda, which is expected to be
completed within approximately six months. Pursuant to a further
letter agreement with International Mining and Development, IBI
is required to fund Phase II of the Uganda project in the amount
of US$450,000 by June 30, 1999 and a further US$496,560 by
December, 1999 (total US$1,200,000 to earn a 70% interest in the
property).
The Phase I program now under way in Mbale district, Uganda is
focused on increasing the quantity of reserves and defining the
grade of the Busumbu phosphate and Namekara vermiculite deposits.
IBI Corporation has 181,838,445 shares issued.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Olav Svela or Jon W. Kieran, Investor Relations (416) 868-1079
Hume, Kieran Inc.
e-mail: olav@humekieran.on.ca |
