IBC Advanced Alloys Corp. Withdraws Short-Form Prospectus Offering

IBC Advanced Alloys Corp. (TSXV:IB) announced the withdrawal of a planned short-form prospectus financing.

The press releae is quoted as saying:

This decision was taken by the Company and its investment banking advisors, Euro Pacific Canada Inc., who believe that any financing at current indicated pricing would not be in the best interests of the Company and its shareholders.

IBC Advanced Alloys’ President and CEO,  Anthony Dutton says:

“The primary use of proceeds of the Offering was to pay down existing debt and strengthen IBC’s balance sheet.” “However, IBC’s management, board and advisors concluded that recent irregular trading activity and the resulting drop in share price does not represent a fair and reasonable value for the Company. We have consistently demonstrated,” continued Dutton, “that we have a strong and growing company with enormous potential. Any financings the Company may entertain will only be done in this context and in the best interests of the Company and its shareholders.”

Click here to access the entire news release. 

Click here to access IBC Advanced Alloys’ company profile.(TSXV:IB)