IBI CORPORATION ANNOUNCES 30,008,971 RIGHTS TRADED Text:
On Thursday March 11, 1999 a block trade of 30,008,971 rights of IBI Corporation ("IBIC.RT") traded on the Canadian Dealing Network. The proceeds will be paid to shareholders of record February 17, 1999 who were ineligible to participate in the rights offering and who are entitled to receive $5.00 or more. No amount less than $5.00 will be paid to any ineligible shareholder and the aggregate of such amounts will be paid to IBI. Each right traded at one tenth of one cent. An incorrect transaction price was previously quoted. Thomas A. Smeenk, President & CEO, said: "The block was sold to a blue-chip Bay Street firm, generating approximately $30,008 for ineligible shareholders." Shareholders and purchasers of rights have until April 6th to exercise their rights; 10 rights plus 4 cents exercisable for a unit. Units consist of a share plus a warrant. Warrants are exercisable until February 21, 2000 for 6 cents. If warrants are exercised by June 30, 1999, holders will receive a share plus half a bonus warrant. The full bonus warrant can be exercised for an additional share at an exercise price of 10 cents until June 30, 2000. IBI will pay a commission of 7% to qualifying brokers that solicit clients to exercise the outstanding rights. IBI''s shares and rights trade on the Canadian Dealing Network under the symbols "IBIC" and "IBIC.RT," respectively. The company has 181,838,445 common shares issued. For a copy of the rights offering circular and further information, contact your broker, or: Thomas A. Smeenk Tel. 416-777-1073 Fax. 416-777-1206 Email: smeenk@ibicorp.com |
