TSX Venture Exchange symbol: IBR
VANCOUVER, Dec. 8 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR) is pleased to announce that it has increased a non-brokered private placement up to 25,000,000 common share units at a price of $0.10 per unit for gross proceeds of up to $2,500,000. On October 16, 2009, the Company announced a non-brokered private placement of up to 22,000,000 common shares; subscriptions have been received and there are a number of additional investors interested in participating. The Company expects to close the private placement before the end of the year.
Each unit will consist of one share and one warrant exercisable at $0.125 for 2 years. The warrants will contain provisions that a) they cannot be exercised until four months after closing, and b) they must be exercised within 30 days of notice from IBR that the closing price of IBR's shares has been $0.25 per share for 20 consecutive trading days.
The proceeds of the financing will be used to put in place production capacity to allow commercial marketing of end products that will establish market presence and pricing and to enhance the Company's research and development capabilities.
The private placement is subject to the receipt of all necessary approvals, including approval of the TSX Venture Exchange.
The common share units have not and will not be registered under United States Securities Act of 1933, as amended (the U.S. Securities Act) or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.
Located in North Vancouver, BC, IBR is committed to research and development to continue to improve the efficiency of its technology and the quality of Genica branded fertility products. It is further committed to developing a world wide marketing capability to ensure market acceptance the fertility products.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.
For further information: Ben Van Dyk, Chairman of the Board, IBR, (604) 924-1023 ext 304, (604) 924-1043 fax, email@example.com
; Henry J. Bow, President & CEO, IBR, (604) 924-1023 ext 309, (604) 924-1043 fax, firstname.lastname@example.org