/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 28, 2011 /CNW/ - Innovative Composites International Inc.
(IC:TSX-V) (the "Company" or "ICI") is pleased to announce that it has
entered into an agreement with a syndicate of underwriters, co-led by
Canaccord Genuity Corp., and Clarus Securities Inc., which have agreed
to purchase, on a bought deal basis, 13,400,000 common shares (the
"Common Shares") of the Company at a price of $0.75 per Common Share,
for aggregate gross proceeds of approximately $10.1 million (the
"Offering"). The underwriters will also have the option (the
"Over-Allotment Option"), exercisable in whole or in part at any time
up to 30 days after the closing of the Offering, to purchase up to an
additional 15% of the Offering solely to cover over-allotments, if any,
and for market stabilization purposes. In the event that the option is
exercised in its entirety, the aggregate gross proceeds of the Offering
will be approximately $11.6 million. A preliminary short form
prospectus will be filed in connection with the Offering in all
provinces of Canada.
The Company plans to use the net proceeds for plant expansion and
general corporate purposes.
The common shares being sold pursuant to the offering have not, and will
not be, registered under the United States Securities Act of 1933 (the
"1933 Act") and may not be offered or sold in the United States or to,
or for the account or benefit of, U.S. Persons (as such term is defined
in Regulation S under the 1933 Act) absent registration under the 1933
Act or an applicable exemption from the registration requirements
thereof. The offering is subject to certain conditions including, but
not limited to, the execution of a definitive underwriting agreement
with the underwriters and receipt of all necessary approvals, including
the approval of the TSX Venture Exchange and the applicable securities
About Innovative Composites International Inc.
Innovative Composites International is an integrated high-tech
engineering and manufacturing company that commercializes an IP
protected line of state-of-the-art composite products for applications
in the housing, construction and transportation industries.
The company, with offices in Toronto and a manufacturing facility in
Sault Sainte Marie, Michigan, is led by an executive and engineering
team that has more than 100 years of experience in the high-tech
Since its inception in 2007 ICI has negotiated and signed significant
partnership deals with leaders in its multi-billion target markets,
providing its partners with competitive advantages over other providers
in their industries.
To find out more about Innovative Composites International Inc. (IC:
TSX-V), please visit our website at http://www.innovativecompositesinc.com
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.
Statements made in this press release include forward-looking statements
that involve a number of risks and uncertainties. These statements
relate to future events or future performance and reflect management's
current expectations and assumptions. A number of factors could cause
actual events, performance or results to differ materially from the
events, performance and results discussed in the forward-looking
statements, such as the economy, generally, competition in its target
markets, the demand for ICI's products and the availability of funding.
These forward-looking statements are made as of the date hereof and ICI
does not assume any obligation to update or revise them to reflect new
events or circumstances. Actual events or results could differ
materially from ICI's expectations and projections.
SOURCE Innovative Composites International Inc.
For further information:
Chief Financial Officer
(416) 646 0754 x 100