Firebird Global Master Fund II, Ltd. updates on current and potential future
position in IBC Advanced Alloys Corp.
Extension of warrants
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Following IBC's press release dated May 22, 2009, FGMF2 announces that the
expiry date of 1,858,621 warrants of IBC held by it was extended on May 25,
2009, from May 29, 2009 to May 29, 2010.
Potential acquisition of additional shares as part of the proposed plan
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of arrangement announced by Vangold Resources Ltd.
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FGMF2 also announces, further to the press release disseminated on
Current position
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Currently, FGMF2 and its joint actor hold 37,724,198 common shares and 5,073,621 warrants to acquire the same number of common shares in the share capital of IBC. Out of the 37,724,198 common shares and 5,703,621 warrants, 13,333,954 common shares and 5,073,621 warrants are held by FGMF2 and 24,390,244 common shares are held by FGMF. The 37,724,198 common shares held by FGMF2 and its joint actor represent approximately 32.60% of the outstanding common shares of IBC. In addition, assuming the exercise by FGMF2 of the above-mentioned warrants to acquire additional common shares of IBC, the total security holding of FGMF2 and its joint actor in the share capital of the Issuer would be 42,797,819 common shares, representing approximately 35.43% of the outstanding common shares of IBC (including the common shares deemed to be acquired pursuant to the exercise of warrants).
Potential future position
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If the Arrangement is completed and FGMF2's and its joint actor's current position in Vangold remains unchanged and provided that none of the above warrants have been exercised, FGMF2 and its joint actor will have ownership and control over an aggregate of 43,178,292 common shares of IBC, distributed as follows: FGMF2 will hold 14,887,997 common shares and FGMF will hold 28,290,295 common shares, representing, in the aggregate, approximately 37.32% of the then outstanding common shares of IBC, assuming that the number of outstanding common shares of IBC remains unchanged.
In addition, assuming the exercise of the warrants by FGMF2, the aggregate number of common shares which would be held by FGMF2 and its joint actor would be 48,251,913 common shares of IBC, distributed as follows: FGMF2 would hold 19,961,618 common shares and FGMF would hold 28,290,295 common shares, representing, in the aggregate, approximately 39.95% of the then outstanding common shares of IBC (including the common shares deemed to be acquired pursuant to the exercise of the warrants, but otherwise assuming that the number of outstanding common shares of IBC remains unchanged).
The number and percentage of common shares of IBC held by FGMF2 and its joint actor would remain the same as disclosed above in "Current position" in the event the Arrangement is not completed.
General disclosure
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FGMF2 and its joint actor may, from time to time, acquire additional securities of IBC, may continue to hold their present position or may dispose of their securities.
FGMF2 is a contrarian portfolio equity fund that invests in markets throughout the world.
This press release is being issued in order to comply with the disclosure requirements under applicable securities legislation. This press release is not an admission that FGMF2 owns or controls any described securities or is a joint actor with anyone else.
For further information: Mr. James Passin, Director, Firebird Global Master Fund II, Ltd., (212) 698-9260, [email protected]
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