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

June 05, 2023 at 19:40 PM EDT

FRANKLIN, 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, Chairman

Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
Email: jsims@policycom.com
Website: www.ibcadvancedalloys.com

@IBCAdvanced $IB $IAALF #Beryllium #Beralcast

About 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 increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC's has production facilities in Indiana, Massachusetts, Pennsylvania, and Missouri. 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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this news release. 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, a potential event of default under the Indentures, the Company's ability to pay principal on the Debentures by the Maturity Date, the satisfactory completion of due diligence by the potential lender, the negotiation and settlement of final terms and the execution of definitive documentation for the potential financing, the completion of conditions to the potential financing, the loan proceeds of the proposed financing providing funding in excess of the amount required to pay the principal on the Debentures, and the potential of the Company to find other short term financing alternatives. 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 Debentures, which may make the Company insolvent, the potential lender not moving beyond the due diligence stage, the parties being unable to agree to the final terms of the proposed financing, the risk that conditions to completion of the proposed financing will not be satisfied, the risk that an event, change or other circumstance may occur that could give rise to the termination of the transaction, the receipt of required regulatory approvals, 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, including, among others, assumptions about the completion of satisfactory due diligence by the potential lender, the ability and willingness of the parties to negotiate and settle the final terms of the potential financing, that the additional proceeds in the proposed financing will provide for funding in excess of the principal on the Debentures, that financing can be secured on reasonable terms and within a reasonable timeframe, that conditions to closing will be satisfied, and that the Company will obtain approval of a proposed financing from the TSX Venture Exchange.

Please see "Risks Factors" in our Annual Information Form available under the Company's profile at www.sedar.com, 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 source version on accesswire.com:
https://www.accesswire.com/759402/IBC-Advanced-Alloys-Secures-Temporary-90-Day-Waivers-for-Payment-of-Final-Principal-on-its-825-and-95-Debentures-Due-June-6-2023

Symbol	Price	Change (%)
AMZN	222.03	+0.00 (0.00%)
AAPL	262.77	+0.00 (0.00%)
AMD	238.03	+0.00 (0.00%)
BAC	51.52	+0.00 (0.00%)
GOOG	251.34	+0.00 (0.00%)
META	733.27	+0.00 (0.00%)
MSFT	517.66	+0.00 (0.00%)
NVDA	181.16	+0.00 (0.00%)
ORCL	275.15	+0.00 (0.00%)
TSLA	442.60	+0.00 (0.00%)

About Us

Laser Focus World Membership

Magazine Subscription

Newsletter Subscription

The Daily Beam

Product Watch

Bio & Life Sciences Product Watch

Laser Processing Product Watch

Get Published!

Photonics Hot List

Following the Photons: A Photonics Podcast

Social Media

Meet the Laser Focus World Team

Editorial

Sales

Editorial Advisory Board

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

More News

Recent Quotes