TSX Venture Exchange symbol: IBR
VANCOUVER, June 8 /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR) is pleased to announce that it has completed a non-brokered private placement of 22,847,499 units at a price of $0.10 for gross proceeds of $2,284,749. The Company had previously announced that the private placement had closed on January 22, 2010 and today, has received the approval of the TSX Venture Exchange (TSXV).
Each unit consists of one share and one warrant exercisable at $0.125 for 2 years. The warrants contain a provision that 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 shares and warrants contain a hold period whereby they cannot be traded through the TSXV before October 7, 2010.
The proceeds of the financing are being 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 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