Business
IBC Advanced Alloys Provides Financial Update
FRANKLIN, IN / ACCESSWIRE / May 18, 2023 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (T...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Provides Financial UpdateFRANKLIN, IN / ACCESSWIRE / May 18, 2023 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSX-V:IB)(OTCQB:IAALF) announces a financial update regarding its cash balance, working capital and indebtedness owing under its 9.5% Senior Unsecured Debentures (the \"9.5% Debentures\") and 8.25% Senior Unsecured Convertible Debentures (the \"8.25% Debentures\" and, together with the 9.5% Debentures, the \"Debentures\").The Company's current cash balance is approximately US$687,600 and net working capital deficit is approximately US$5,153,895 (which includes the principal owed on the Debentures). The Debentures, issued pursuant to a Debenture Indenture dated June 6, 2018 and a Convertible Debenture Indenture dated June 6, 2018, respectively (collectively, the \"Indentures\"), have a maturity date of June 6, 2023 (the \"Maturity Date\"), at which time the Company must pay approximately US$2,591,000 in principal on the 9.5% Debentures and US$136,000 in principal on the 8.25% Debentures. If additional outside financing is not obtained in the short term, the Company will not be able to meet its obligations to pay the principal on the Debentures before the Maturity Date, resulting in an event of default under the Indentures.The Company is investigating options to obtain outside financing to pay the principal on the Debentures, and other alternatives, and has signed a non-binding term sheet with a commercial lender to provide additional financing to the Company, but there is no guarantee that such financing will be obtained.The Company is also in discussions with the holders of Debentures to obtain a temporary waiver of default for failure to pay principal while the Company continues to seek financing. At this time, there are no assurances that the holders of the Debentures will refrain from seeking immediate enforcement under the terms of the Indentures if the Company does not pay the outstanding principal by the Maturity Date.For more information on IBC and its innovative alloy products, go here.On Behalf of the Board of Directors:\"Mark Smith\"Mark Smith P.E., Esq. , Chairman# # #Contacts:Mark A. Smith, ChairmanJim Sims, Director of Investor and Public Relations+1 (303) 503-6203Email: [email protected]: www.ibcadvancedalloys.com@IBCAdvanced $IB $IAALF #Beryllium #BeralcastAbout I...