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Firebird Global Master Fund II, Ltd. updates on current and potential future position in IBC Advanced Alloys Corp.
Firebird Global Master Fund II, Ltd. updates on current and potential future position in IBC Adva...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"\n\n\n\nOct. 13, 2009 (Canada NewsWire Group) -- CAYMAN ISLANDS, Oct. 13 /CNW Telbec/ -- This press release is being published in relation to changes in material facts on the position of Firebird Global Master Fund II, Ltd. (\"FGMF2\") and its joint actor Firebird Global Master Fund, Ltd. (\"FGMF\") in IBC Advanced Alloys Corp. (TSX-V:IB) (\"IBC\").Extension of warrants---------------------Following IBC's press release dated May 22, 2009, FGMF2 announces that theexpiry date of 1,858,621 warrants of IBC held by it was extended on May 25,2009, from May 29, 2009 to May 29, 2010.Potential acquisition of additional shares as part of the proposed plan-----------------------------------------------------------------------of arrangement announced by Vangold Resources Ltd.--------------------------------------------------FGMF2 also announces, further to the press release disseminated on October 8, 2009 by Vangold Resources Ltd. (\"Vangold\") in connection with a proposed a plan of arrangement (the \"Arrangement\") under which Vangold's shareholders will receive, among other things, 25,609,746 shares of IBC currently held by Vangold (the \"Vangold IBC Shares\"). Since FGMG2 and its joint actor currently hold approximately 21.29% of Vangold's outstanding shares, in the event the Arrangement is completed and FGMF2's and its joint actor's current position in Vangold remains unchanged, they would receive an aggregate 5,454,094 Vangold IBC shares. Such Vangold IBC shares will be subject to escrow until November 23, 2010.Current position----------------Currently, FGMF2 and its joint actor hold 37,724,198 common shares and 5,073,621 warrants to acquire the same number of common shares in the share capital of IBC. Out of the 37,724,198 common shares and 5,703,621 warrants, 13,333,954 common shares and 5,073,621 warrants are held by FGMF2 and 24,390,244 common shares are held by FGMF. The 37,724,198 common shares held by FGMF2 and its joint actor represent approximately 32.60% of the outstanding common shares of IBC. In addition, assuming the exercise by FGMF2 of the above-mentioned warrants to acquire additional common shares of IBC, the total security holding of FGMF2 and its joint actor in the share capital of the Issuer would be 42,797,819 common shares, representing approximately 35.43% of the outstanding common shares of IBC (including the c...