IBC Advanced Alloys Corp. [IB-TSXV; IAALF-OTCQB] has closed on a second funding under the previously announced convertible security funding agreement with Lind Global Macro Fund LP, an entity managed by The Lind Partners LLC, a New York-based institutional fund manager.
Lind advanced to the company $1.4-million, less a closing fee of $70,000, in consideration for the issuance of a convertible security in the principal amount of $1.4-million and an aggregate face value of $1.68-million. 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 14.5 cents 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 14.5 cents. 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 Nov. 23, 2020 and subject to final approval.
IBC Advanced Alloys is a leading beryllium and copper advanced alloy company, serving a variety of industries, such as defence, aerospace, automotive, telecommunications, precision manufacturing and others.
IBC’s copper alloys 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 defence, aerospace and other systems, including the F-35 Joint Strike Fighter. IBC has production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.