TSX Venture Exchange symbol: IBR
VANCOUVER, Oct. 16 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR) announces that it intends to issue, by way of non-brokered private placement, up to 22,000,000 common share units at a price of $0.10 per unit for gross proceeds of up to $2,200,000.
Each unit will consist of one share and one warrant exercisable at $0.125 for 2 years. The warrants will contain a provision that they must be exercised within 30 days of notice from IBR that the closing price of IBR's shares is $0.25 per share for 20 consecutive trading days
This private placement represents a significant addition to the capitalization of the Company and is supported by a new major investor and current shareholders.
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.
SOURCE INTERNATIONAL BIO-RECOVERY CORPORATION
For further information: For further information: Ben Van Dyk, Chairman of the Board, IBR, (604) 924-1023 ext 304, (604) 924-1043 fax, firstname.lastname@example.org; Henry J. Bow, President & CEO, IBR, (604) 924-1023 ext 309, (604) 924-1043 fax, email@example.com