FRANKLIN, IN / ACCESSWIRE / October 26, 2023 / IBC Advanced Alloys Corp. ("IBC" or the "Company") (TSXV:IB)(OTCQB:IAALF) is pleased to announce that certain of the Company's U.S. subsidiaries (the "Subsidiaries") have entered into a term loan (the "Term Loan") with Loeb Term Solutions LLC ("Loeb") of approximately US$1,780,000, secured by a credit and security agreement. Following the repayment of the Company's equipment loan with Utica Equipment Finance, LLC, the Company expects to have approximately US$1.1 million available for working capital.
The Term Loan will accrue interest at an annual rate equivalent to the prime rate plus 6.5%. Approximately US$230,000 of the Term Loan has a term of two years and US$1,550,000 of the Term Loan has a term of three years. The Term Loan is subject to customary terms for similar agreements in the United States manufacturing sector.
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On Behalf of the Board of Directors:
Mark A. Smith, Chairman
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Mark A. Smith, Chairman
Jim Sims, Director of Investor and Public Relations
+1 (303) 503-6203
@IBCAdvanced $IB $IAALF #Beryllium #Beralcast
About IBC Advanced Alloys Corp.
IBC is a leading beryllium and copper advanced alloys company serving a variety of industries such as defense, aerospace, automotive, telecommunications, precision manufacturing, and others. IBC's Copper Alloys Division manufactures and distributes a variety of copper alloys as castings and forgings, including beryllium copper, chrome copper, and aluminum bronze. IBC's Engineered Materials Division makes the Beralcast® family of alloys, which can be precision cast and are used in an increasing number of defense, aerospace, and other systems, including the F-35 Joint Strike Fighter. IBC has production facilities in Indiana and Massachusetts. The Company's common shares are traded on the TSX Venture Exchange under the symbol "IB" and the OTCQB under the symbol "IAALF".
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information contained in this news release may be forward-looking information or forward-looking statements as defined under applicable securities laws. Forward-looking information and forward-looking statements are often, but not always identified by the use of words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "will", "may" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, the use of proceeds of the Term Loan. Forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control including: the risk that the Company may not be able to make sufficient payments to retire its debt, including the Term Loan, ASPA and Credit Agreement, the impact of general economic conditions in the areas in which the Company or its customers operate, including the semiconductor manufacturing and oil and gas industries, risks associated with manufacturing activities, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, limited availability of raw materials, fluctuations in commodity prices, foreign exchange or interest rates, stock market volatility and obtaining required approvals of regulatory authorities. As a result of these risks and uncertainties, the Company's future results, performance or achievements could differ materially from those expressed in these forward-looking statements. All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
Please see "Risk Factors" in our Annual Information Form available under the Company's profile at www.sedarplus.ca, for information on the risks and uncertainties associated with our business. Readers should not place undue reliance on forward-looking information and statements, which speak only as of the date made. The forward-looking information and statements contained in this release represent our expectations as of the date of this release. We disclaim any intention or obligation or undertaking to update or revise any forward-looking information or statements whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
SOURCE: IBC Advanced Alloys Corp.