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IBC Advanced Alloys Announces Amendment of Existing Credit Facilities
FRANKLIN, IN / ACCESS Newswire / June 10, 2025 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSX-V:IB)(OTCQB:IAALF) is pleased to announce that it has entered into amendments (the "Amendments") with Mr. Mark Smith (the "Lender"), Chairman …
FRANKLIN, IN / ACCESS Newswire / June 10, 2025 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSX-V: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 December 31, 2025 and to increase the aggregate principal amount available to the Company under the Existing Loan Agreements by US$452,500. All other terms of the Existing Loan Agreements, including the interest rate of 10 percent per annum, remain as described in the Company's press releases dated August 19, 2022, June 19, 2023, October 3, 2023, and December 31, 2024.
The additional principal amount of US$452,500 was advanced by the Lender on May 1, 2025, subject to entry into the Amendments. As of the date hereof, there is approximately US$2.9 million in principal outstanding under the Existing Loan Agreements, as amended. The Amendments are subject to the approval of the TSX Venture Exchange (the "TSX-V").
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: [email protected]
Website: www.ibcadvancedalloys.com
@IBCAdvanced $IB $IAALF #copper
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".
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