IBC Advanced Alloys closes $8m financing

IBC Advanced Alloys Corp. (CVE:IB) said Wednesday it has closed its previously announced offering, raising C$8.05 million.
The manufacturer and distributor of rare metals-based alloys sold 38.89 million units of IBC at a price of C$0.18 each, with Euro Pacific Canada and Raymond James acting as agents for the placement.
Each unit consists of one common share of IBC and one half of one share purchase warrant, with each whole warrant entitling the holder to purchase one additional share at C$0.25 each until June 22, 2013.
In addition, the company granted the agents an over-allotment option, for up to an additional 15% of the units actually sold at closing, increasing the number of units issued to 44.72 million.
Brokers were also paid a cash commission and warrants in connection with the financing.
IBC provides its special alloys to a variety of industries including nuclear energy, automotive, telecommunications and a range of industrial applications. The company is headquartered in Vancouver, Canada, with production facilities in Indiana, Massachusetts, Pennsylvania and Missouri.
It also owns prospective beryllium properties in the Western US, covering approximately 9,500 hectares.