FRANKLIN, IN / ACCESSWIRE / January 6, 2025 / IBC Advanced Alloys Corp. (“IBC” or the “Company”) (TSXV:IB)(OTCQB:IAALF) is pleased to announce that it has entered into amendments (the “Amendments”) with Mr. Mark Smith (the “Lender” “), President and Chief Executive Officer Company, to extend the maturity date of two existing loan agreements (“Existing Loan Agreements”) with the Lender until June 30, 2025 and certain other changes that regulate monthly repayment obligations loan are described in the Company’s press releases dated August 19, 2022, June 19, 2023 and October 3, 2023. Amendments are subject to approval by the TSX Venture Exchange (“TSX-V”).
The company also entered into an agreement with Mr. Smith that grants him certain information rights, registration rights and the right to participate in future financings.
Amendments include a related party (as such term is defined in Multilateral Instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101”), specifically the directors and senior officers of the Company, and represent related party transactions under MI 61-101. These transactions are exempt from formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to Sections 5.5(b) and 5.7(1)(f) of MI 61-101, as the Company is not listed on the markets listed in Section 5.4 (b) MI 61-101, and the amendments are on reasonable commercial terms and are not convertible into or redeemable into equity or voting securities of the Company.
For more information on IBC and its innovative alloy products, go here.
On behalf of the Board of Directors:
“Mark A. Smith”
Mark A. Smith, Chairman of the Board
# # #
Contact:
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com
Website: www.ibcadvancedalloys.com
@IBCAnapredni $IB $IAALF #copper #copper alloys
About IBC Advanced Alloys Corp.
IBC is a leading manufacturer of advanced alloys serving various industries such as defense, aerospace, automotive, telecommunications, precision manufacturing and others. At its vertically integrated manufacturing facility in Franklin, Indiana, IBC manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chromium copper and aluminum bronze. The Company’s common stock trades on the TSX-V under the symbol “IB” and on the OTCQB under the symbol “IAALF”.
Cautionary Statements Regarding Forward-Looking Statements
Neither the TSX-V nor its Regulatory Services Provider (as that term is defined in the TSX-V Rules) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this press release may be forward-looking information or forward-looking statements as defined by applicable securities laws. Forward-looking information and forward-looking statements are often, but not always, identified by the use of words such as “expect”, “anticipate”, “believe”, “anticipate”, “could”, “estimate” , “goal” , “intend”, “plan”, “seek”, “will”, “can” and “should” and similar expressions or words suggesting future outcomes. This press release includes forward-looking information and statements relating, among other things, to the receipt of TSXV approval of the amendments and the monthly payments to be made pursuant to the amendments. Forward-looking statements involve significant known and unknown risks and uncertainties, some of which are beyond the Company’s control, including: the risk that the Company may not be able to make sufficient payments to retire debt, including existing loan agreements, the impact of general economic conditions in in which the company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with production activities, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in the way they are interpreted and enforced, increased competition, lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining necessary regulatory approvals. As a result of these risks and uncertainties, the Company’s future results, performance or achievements may differ materially from those expressed in these forward-looking statements. All statements included in this press release relating to activities, events or developments that the Company expects, believes or predicts will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances.
For information about the risks and uncertainties associated with our business, see “Risk Factors” in our Annual Information Form available under the company profile at www.sedarplus.ca. Readers should not place undue reliance on forward-looking information and statements that speak only as of the date they are made. The information and forward-looking statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or duty or obligation to update or revise any forward-looking information or statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE: IBC Advanced Alloys Corp.
See the original press release at accesswire.com
