IBC Advanced Alloys Announces Amendment of Existing Credit Facilities
IBC Advanced Alloys has announced amendments to extend the maturity dates of two existing credit facility agreements with Chairman and CEO Mark Smith until June 30, 2025. The amendments include revisions to monthly repayment obligations and are subject to TSX Venture Exchange approval.
The company has also granted Smith certain information rights, registration rights, and the right to participate in future financings. As these amendments involve a related party transaction with a director and senior officer, they fall under MI 61-101 but are exempt from formal valuation and minority shareholder approval requirements, as the company is not listed on specified markets and the terms are deemed commercially reasonable.
IBC Advanced Alloys ha annunciato modifiche per estendere le date di scadenza di due accordi esistenti di finanziamento con il Presidente e CEO Mark Smith fino al 30 giugno 2025. Le modifiche includono revisioni degli obblighi di rimborso mensile e sono soggette all'approvazione della TSX Venture Exchange.
L'azienda ha inoltre concesso a Smith determinati diritti informativi, diritti di registrazione e il diritto di partecipare a futuri finanziamenti. Poiché queste modifiche riguardano una transazione tra parti correlate con un direttore e un alto dirigente, rientrano sotto MI 61-101 ma sono esenti dai requisiti di valutazione formale e approvazione degli azionisti di minoranza, poiché l'azienda non è quotata su mercati specificati e i termini sono considerati commercialmente ragionevoli.
IBC Advanced Alloys ha anunciado modificaciones para extender las fechas de vencimiento de dos acuerdos existentes de facilidades crediticias con el Presidente y CEO Mark Smith hasta el 30 de junio de 2025. Las modificaciones incluyen revisiones a las obligaciones de pago mensual y están sujetas a la aprobación de la TSX Venture Exchange.
La compañía también ha otorgado a Smith ciertos derechos de información, derechos de registro y el derecho a participar en futuros financiamientos. Como estas modificaciones involucran una transacción con partes relacionadas con un director y un alto ejecutivo, se encuentran bajo MI 61-101 pero están exentas de la evaluación formal y de los requisitos de aprobación de los accionistas minoritarios, ya que la compañía no está lista en mercados especificados y los términos se consideran comercialmente razonables.
IBC Advanced Alloys는 회장 겸 CEO인 Mark Smith와의 두 가지 기존 신용 시설 계약의 만기일을 2025년 6월 30일로 연장하는 수정 사항을 발표했습니다. 이 수정 사항에는 월별 상환 의무의 수정이 포함되며, TSX 벤처 거래소의 승인을 받아야 합니다.
회사는 또한 Smith에게 특정 정보권, 등록권 및 향후 자금 조달에 참여할 권리를 부여했습니다. 이러한 수정 사항은 이사 및 고위 임원과 관련된 거래에 해당하므로 MI 61-101에 따라 적용되지만, 회사가 특정 시장에 상장되지 않았고 조건이 상업적으로 합리적이라고 간주되므로 공식 평가 및 소액 주주 승인 요구 사항에서 면제됩니다.
IBC Advanced Alloys a annoncé des modifications visant à prolonger les dates d'échéance de deux accords de facilités de crédit existants avec le Président et CEO Mark Smith jusqu'au 30 juin 2025. Les modifications incluent des révisions des obligations de remboursement mensuel et sont soumises à l'approbation de la TSX Venture Exchange.
La société a également accordé à Smith certains droits d'information, droits d'enregistrement et le droit de participer à de futurs financements. Comme ces modifications impliquent une transaction entre parties liées avec un directeur et un dirigeant senior, elles tombent sous MI 61-101 mais sont exemptées des exigences d'évaluation formelle et d'approbation des actionnaires minoritaires, étant donné que la société n'est pas cotée sur des marchés spécifiés et que les conditions sont jugées commercialement raisonnables.
IBC Advanced Alloys hat Änderungen bekannt gegeben, um die Fälligkeitsdaten von zwei bestehenden Kreditverträgen mit dem Vorsitzenden und CEO Mark Smith bis zum 30. Juni 2025 zu verlängern. Die Änderungen umfassen Anpassungen der monatlichen Rückzahlungsverpflichtungen und unterliegen der Genehmigung der TSX Venture Exchange.
Das Unternehmen hat Smith außerdem bestimmte Informationsrechte, Registrierungsrechte und das Recht gewährt, an zukünftigen Finanzierungen teilzunehmen. Da diese Änderungen eine Transaktion mit einer nahestehenden Person betreffen, die einen Direktor und einen leitenden Angestellten einbezieht, fallen sie unter MI 61-101, sind jedoch von den Anforderungen an eine formelle Bewertung und die Genehmigung von Minderheitsaktionären befreit, da das Unternehmen nicht an bestimmten Märkten notiert ist und die Bedingungen als kommerziell angemessen erachtet werden.
- Extension of credit facility maturity dates provides additional financial flexibility
- Amendments maintain existing credit facilities without requiring new financing
- Continued reliance on related party financing from CEO indicates potential difficulty accessing traditional funding sources
- Monthly repayment obligations require revision, suggesting possible cash flow challenges
FRANKLIN, IN / ACCESSWIRE / January 6, 2025 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSXV:IB)(OTCQB:IAALF) is pleased to announce that it has entered into amendments (the "Amendments") with Mr. Mark Smith (the "Lender"), Chairman and Chief Executive Officer of the Company, to extend the maturity dates of two existing credit facility agreements (the "Existing Loan Agreements") with the Lender until June 30, 2025 and certain other revisions governing monthly repayment obligations. The terms of the Existing Loan Agreements are described in the Company's press releases dated August 19, 2022, June 19, 2023 and October 3, 2023. The Amendments are subject to the approval of the TSX Venture Exchange (the "TSX-V").
The Company has also entered into an agreement with Mr. Smith granting him certain information rights, registration rights, and the right to participate in future financings.
The Amendments involve a related party (as such term is defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101")), specifically a director and senior officer of the Company, and constitute related party transactions under MI 61-101. These transactions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, as the Company is not listed on the markets specified by section 5.4(b) of MI 61-101, and the Amendments are on reasonable commercial terms and not convertible into or repayable in equity or voting securities of the Company.
For more information on IBC and its innovative alloy products, go here.
On Behalf of the Board of Directors:
"Mark A. Smith"
Mark A. Smith, Chairman of the Board
# # #
Contact:
Mark A. Smith, Chairman of the Board
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jim.sims@ibcadvancedalloys.com
Website: www.ibcadvancedalloys.com
@IBCAdvanced $IB $IAALF #copper #copperalloys
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-V under the symbol "IB" and the OTCQB under the symbol "IAALF".
Cautionary Statements Regarding Forward Looking Statements
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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, receipt of TSXV approval of the Amendments, and the monthly payments to be made under the Amendments. 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, including the Existing Loan Agreements, 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 "Risks 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
When is the new maturity date for IBC Advanced Alloys (IAALF) credit facilities?
What additional rights were granted to Mark Smith in the IAALF loan amendment?
Why is IAALF exempt from minority shareholder approval for these amendments?
What changes were made to IAALF's loan repayment terms?
