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IBC Advanced Alloys Secures Temporary 90-Day Waivers for Payment of Final Principal on its 8.25% and 9.5% Debentures Due June 6, 2023
FRANKLIN, IN / ACCESSWIRE / June 5, 2023 / IBC Advanced Alloys Corp. (" IBC " or the " Company "...
About this update from Ibc Advanced Alloys Corp.
[{"type":"text","content":"IBC Advanced Alloys Secures Temporary 90-Day Waivers for Payment of Final Principal on its 8.25% and 9.5% Debentures Due June 6, 2023FRANKLIN, IN / ACCESSWIRE / June 5, 2023 / IBC Advanced Alloys Corp. (\"IBC\" or the \"Company\") (TSXV:IB); (OTCQB:IAALF) announces that it has secured temporary 90-day waivers (the \"Waivers\") from investors on both 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 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 approximately US$136,000 in principal on the 9.5% Debentures and US$2,591,000 in principal on the 8.25% Debentures was due to be paid. The Waivers were secured by the Company after holders of greater than 50% of the principal amount of each of the Debentures signed the Waivers. The new due date for the principal payments of both Debentures is September 4, 2023.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.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 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 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 incre...