Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : IBI CORP IBIC (CDN) -- Ignore unavailable to you. Want to Upgrade?

To: Elizabeth A Rice who wrote (253)	4/8/1999 3:53:00 PM
From: Elizabeth A Rice	Read Replies (1) \| Respond to of 422

IBI CORPORATION RIGHTS OFFERING OVER SUBSCRIBED Thomas A. Smeenk, President & CEO is pleased to announce that IBI Corporation''s (IBIC-CDN) rights offering which expired on April 6, 1999 was over subscribed. The transfer agent received $833,587. The offering was to raise $727,354 and was exceeded by over $100,000. A refund of $106,233 will be made and delivered with common shares and warrants to subscribers within 14 days. The company reported during the rights offering period: * the appointment of Mr. Harry Figov BSc, MBA, CA, CBV, CFA, CPA to the position of CFO, Corporate Secretary. * commencement of the Phase 1 program at the Bukusu carbonatite complex, Uganda: trenching of the vermiculite deposit to a depth of 10 meters; drilling of the phosphate deposit to a depth of 30 meters. * 30,008,971 rights purchased by a blue-chip Bay Street firm (all of which were subsequently exercised), generating $30,008 for ineligible shareholders. * a major vermiculite discovery at Namekara of 2,730,000 tonnes indicated resource with a market price FOB Rotterdam of U.S. $160 - $260 per tonne, noting only reserves are economic, and its intent to carry out a feasibility analysis. * a proven reserve of 8,500,000 tonnes of phosphate consisting of 3 million tonnes with an average grade of 11%P2O5 in the soils and an additional 5.5 million tonnes of phosphate with an average grade of 15%P2O5, with additional potential phosphate bearing material of 30-50 million tonnes of similar grade; its intent to have a feasibility analysis prepared, given that a 290,000 tonne per year fertiliser market in mideast Africa is serviced completely by imports with prices at the village level, reported by the U.S. Agency for International Development, reach up to U.S. $750/tonne. * independent agronomic test results of the Busumbu phosphate blend (70% Busumbu phosphate, 30% TSP) which indicate a 2 times increase in biomass yield, as reported by the by the International Centre for Research in Agroforestry, Kenya, on the basis of preliminary results of agronomic trials in western Kenya from November 1998 to February 1999. IBI common shares trade on the Canadian Dealing Network under the symbol IBIC. After giving effect to the rights offering the company will have 200,022,289 shares issued. For further information contact your broker, or Tom Smeenk, President Dr. Peter van Straaten Tel. 416-777-1073 Tel. 519-856-0350 Fax. 416-777-1206 Fax. 519-856-0351 Email: info@ibicorp.com Email: peter.vanstraaten@sympatico.com