IBC Advanced Alloys Announces Closing of $1,400,000 Funding by Lind Partners
[NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR FOR DISSEMINATION IN THE UNITED STATES]
FRANKLIN, Ind., Nov. 27, 2020 (GLOBE NEWSWIRE) -- IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSX-V: IB; OTCQB: IAALF) announced that it
has closed on a second funding under the previously announced convertible security funding agreement (the “Agreement”) with Lind Global Macro Fund, LP, an entity
managed by The Lind Partners, LLC, a New York based institutional fund manager (together, the “Investor” or “Lind”).
Lind advanced to the Company C$1,400,000, less a closing fee of C$70,000, in consideration for the issuance of a convertible security (the “Convertible Security”) in the principal amount of C$1,400,000 and an aggregate face value of C$1,680,000. The Convertible Security has a 24 month term and is convertible into up to 9,172,413 common shares of the Company at a conversion price of C$0.145 per share. Lind also received 9,172,413 common share purchase warrants, exercisable for 24-months from the date of issue with an exercise price of C$0.145. The proceeds will be used for working capital and general corporate purposes.
Further details of the Agreement can be found in a news release dated May 21, 2019.
The Agreement and the issuance of securities thereunder were conditionally approved by the TSX Venture Exchange on November 23, 2020. The transactions described herein are subject to final approval of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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