Business
IBC Advanced Alloys Announces Election to Issue Shares in Satisfaction of Debenture Interest Payment Obligations
Shares will be issued to fulfill IBC's interest payment obligation for the debentures, while the ...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Announces Election to Issue Shares in Satisfaction of Debenture Interest Payment ObligationsShares will be issued to fulfill IBC's interest payment obligation for the debentures, while the final principal payment to debenture holders will be made in cash prior to September 4, 2023FRANKLIN, IN / ACCESSWIRE / August 29, 2023 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSXV:IB); (OTCQB:IAALF) announces that in accordance with the terms of a debenture indenture entered into between the Company and Computershare Trust Company of Canada (\"Computershare\") dated June 6, 2018, as supplemented (the \"Debenture Indenture\") and the terms of a convertible debenture indenture entered into between the Company and Computershare dated June 6, 2018, as supplemented (the \"Convertible Debenture Indenture\" and together with the Debenture Indenture, the \"Indentures\"), it has elected to issue common shares in the capital of the Company (\"Common Shares\") to holders of 9.50% unsecured debentures due September 4, 2023 (the \"9.50% Debentures\") and 8.25% convertible unsecured debentures due September 4, 2023 (the \"8.25% Debentures\" and together with the 9.50% Debentures, the \"Debentures\"), respectively, in satisfaction of up to an aggregate total of approximately C$75,639.49 interest payable to holders of Debentures on September 5, 2023 (the \"Payment Date\"), assuming no further conversions of 8.25% Debentures.Further to the short-form prospectus dated May 28, 2018 qualifying the distribution of the Debentures, the price of the Common Shares will be based on the volume-weighted average trading price per Common Share for the 20 consecutive trading days on the TSX Venture Exchange (the \"TSXV\") ending on fifth day prior to the Payment Date, being the 20 consecutive trading days from August 3, 2023 to August 31, 2023, provided that such price is not less than the closing market price on August 31, 2023.The issuance of the Common Shares in lieu of cash is subject to the terms and conditions of the Indentures as well as the receipt of all requisite approvals, including, without limitation, the approval of the TSXV.For more information on IBC and its innovative alloy products, go here.On Behalf of the Board of Directors:\"Mark Smith\"Mark Smith, CEO & Chairman# # #Contact:Mark A. Smith, CEO & ChairmanJim...