IBC Issues Share-Based Compensation to its Non-Executive Directors and CEO
(firmenpresse) - FRANKLIN, INDIANA -- (Marketwired) -- 03/08/17 -- (TSX VENTURE: IB)(OTCQB: IAALF) ("IBC" or the "Company") a leading beryllium and copper advanced alloys company, announced that it issued a total of 48,457 common shares at a price of $0.57 per share to its non-executive directors in consideration of their service as directors of the Company for the period from October 1, 2016 to January 18, 2017. The shares are subject to a hold period expiring July 8, 2017.
The Company also issued a total of 83,210 common shares at a deemed price per share between $0.43 and $0.49 in consideration of certain ongoing services provided to the Company by Chief Executive Officer Duncan Heinz (USMC, ret.) pursuant to an agreement dated January 18, 2016, as amended April 6, 2016 (see news release dated September 15, 2016). The share issuance relates to services provided between October 1, 2016 and January 18, 2017. The shares are subject to a hold period expiring July 8, 2017.
Mark A. Smith, Geoffrey Hampson, Michael Jarvis and General Heinz hold an aggregate of approximately 8% of the issued and outstanding common shares of the Company. Each issuance of common shares to General Heinz and the non-executive directors constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSXV Policy 5.9 Protection of Minority Security Holders in Special Transactions. The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of the Company''s market capitalization.
On Behalf of the Board of Directors:
Duncan Heinz, President, CEO and Director
About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC''s Copper Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC''s Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. The Company''s common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".
CAUTIONARY STATEMENTS
This news release was prepared by management of IBC, which takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
IBC Advanced Alloys Corp.
Jim Sims
Investor and Public Relations
+1 (303) 503-6203
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Datum: 08.03.2017 - 05:00 Uhr
Sprache: Deutsch
News-ID 1491313
Anzahl Zeichen: 2772
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FRANKLIN, INDIANA
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Kategorie:
Mining & Metals
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