IBC Advanced Alloys Announces Entering Into Sale Leaseback Agreements
IBC Advanced Alloys Corp. announces entering into sale leaseback agreements with Flatbay Properties , securing US$3,850,000 in funding. The purchase contract results in working capital after repaying a term loan. Flatbay purchases a property in Franklin, Indiana, leasing it back to the subsidiary for five years with an option to repurchase. The lease payments vary based on the debt service coverage ratio, and the agreement includes customary terms for the manufacturing sector.
Secure funding of US$3,850,000 through sale leaseback agreements
Opportunity to repurchase the property after five years
Lease payments based on debt service coverage ratio
Payment of cash commission equal to 2.5% of the proceeds
Previous commissions paid in connection with term loans
FRANKLIN, IN / ACCESSWIRE / April 30, 2024 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSX-V:IB)(OTCQB:IAALF) is pleased to announce that certain of the Company's U.S. subsidiaries (the "Subsidiaries") have entered into a purchase contract (the "Purchase Contract") and industrial lease (the "Lease") with Flatbay Properties LLC ("Flatbay"). Upon completion of customary closing conditions, including approval of the TSX Venture Exchange, the Purchase Contract will result in US
Pursuant to the Purchase Contract, Flatbay has agreed to purchase the property located at 401 Arvin Road, Franklin, Indiana 46131 (the "Property") from a Subsidiary. Pursuant to the Lease, Flatbay will lease the Property to the Subsidiary for five years (the "Term"), during which the Subsidiary may re-purchase the Property from Flatbay. The re-purchase price will vary depending on the time of re-purchase, ranging from US
The Company has agreed to pay a cash commission equal to
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
"Mark Smith"
Mark A. Smith, Chairman
# # #
Contact:
Mark Smith, Chairman and CEO
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com
Website: www.ibcadvancedalloys.com
@IBCAdvanced $IB $IAALF
About IBC Advanced Alloys Corp.
IBC is a leading advanced copper alloys manufacturer serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. At its vertically integrated production facility in Franklin, Indiana, IBC manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. The Company's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".
Cautionary Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the completion of customary closing conditions, including approval of the TSX Venture Exchange, the payment of a cash commission to Baycross, and the use of proceeds of the Purchase Contract. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the risk that the Company may not be able to make sufficient payments to retire its debt, the impact of general economic conditions in the areas in which the Company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with manufacturing activities, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. As a result of these risks and uncertainties, the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Please see "Risk Factors" in our Annual Information Form available under the Company's profile at www.sedarplus.ca, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE: IBC Advanced Alloys Corp.
View the original press release on accesswire.com
FAQ
<p>What is the funding secured by IBC Advanced Alloys Corp.?</p>
IBC Advanced Alloys Corp. secured US$3,850,000 in funding through sale leaseback agreements with Flatbay Properties
<p>For how long can the subsidiary lease the property back from Flatbay?</p>
The subsidiary can lease the property back from Flatbay for five years.
<p>What is the re-purchase price range for the property?</p>
The re-purchase price ranges from US$4,100,250 during the first year of the term to US$3,850,000 at the end of the term.
<p>What is the commission percentage paid by IBC Advanced Alloys Corp.?</p>
IBC Advanced Alloys Corp. pays a cash commission equal to 2.5% of the proceeds.
