FRANKLIN, Ind., Dec. 13, 2019 (GLOBE NEWSWIRE) -- Mark A. Smith of 401 Arvin Road, Franklin, Indiana, USA, 46131-1549, today announced that on December 13, 2019, he acquired ownership and control of 3,273,393 common shares (the "Common Shares") of IBC Advanced Alloys Corp. (the "Company") at a price of C$0.117 per Common Share for an aggregate purchase price of C$382,987. The Common Shares were acquired by Mr. Smith in connection with the Company's private placement of 17,094,010 Common Shares at a price of C$0.117 per Common Share for gross proceeds to the Company of approximately C$2,000,000 which closed on December 13, 2019 (the "Private Placement").
Prior to acquiring the Common Shares, Mr. Smith owned 3,732,067 Common Shares and 1,547,258 options and warrants (collectively, the "Convertible Securities"), with each Convertible Security entitling the holder to purchase one Common Share. The 3,732,067 Common Shares represented 9.30% of the total number of issued and outstanding Common Shares prior to giving effect to the Private Placement. If all of the Convertible Securities held by Mr. Smith were exercised prior to giving effect to the Private Placement, an aggregate of 5,279,325 Common Shares would have been owned by Mr. Smith, representing approximately 13.15% of the Company's issued and outstanding Common Shares on a partially-diluted basis.
Immediately following the acquisition of the Common Shares and after giving effect to the Private Placement, Mr. Smith owned a total of 7,005,460 Common Shares representing approximately 12.24% of the Company's issued and outstanding Common Shares and 1,547,258 Convertible Securities. Assuming exercise of all of the Convertible Securities held by Mr. Smith, an aggregate of 8,552,718 Common Shares would be owned by Mr. Smith, representing approximately 14.94% of the Company's issued and outstanding Common Shares on a partially-diluted basis.
Mr. Smith acquired the Common Shares for investment purposes. Mr. Smith may from time to time acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the Company.
The Company's head office is located at 401 Arvin Road, Franklin, IN, USA, 46131-1549.
To obtain a copy of the early warning report filed under applicable Canadian securities laws in connection with the transaction hereunder, please see the Company's profile on the SEDAR website www.sedar.com or contact:
Mark A. Smith
401 Arvin Road
Franklin, IN, USA
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