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IBC Advanced Alloys Corp. reports news on its advanced copper alloy manufacturing business, including production of beryllium copper, chrome copper, and aluminum bronze castings and forgings. The company serves industrial end markets that include defense, aerospace, automotive, telecommunications, and precision manufacturing from a vertically integrated production facility in Franklin, Indiana.
Recurring company updates include financial results for the Copper Alloy division, credit facility amendments, convertible security financing, incentive stock option awards, investor presentations, and disclosures tied to discontinued operations at the former Massachusetts Engineered Materials facility.
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IBC Advanced Alloys Corp. (TSXV:IB, OTCQB:IAALF) reported a 5.2% increase in consolidated sales year-over-year, totaling $7.495 million for Q4 2022. The Copper Alloy division saw a remarkable 76.2% sales surge, marking its fifth consecutive quarter of growth. Despite this success, the Engineered Materials division faced challenges, with a 54% decline in sales year-over-year. The company recorded a net loss of $395,000, compared to a profit of $344,000 from the same quarter last year. Operating income improved to $202,000. IBC's Copper Alloys delivered adjusted EBITDA growth of 1,041.9% year-over-year.
IBC Advanced Alloys Corp. (TSX-V:IB; OTCQB:IAALF) has successfully closed a non-brokered private placement, raising approximately C$1,217,100 through the issuance of 11,269,444 units. Each unit includes one common share and one warrant, which can be exercised at C$0.135 until December 30, 2024. The Lind Global Fund II LP led the investment, contributing C$750,000 by purchasing 6,944,444 units. Proceeds will support working capital and corporate purposes, while the company anticipates increased demand in its specialty alloy markets.
IBC Advanced Alloys Corp. (TSXV:IB; OTCQB:IAALF) plans to issue 1,186,786 common shares at a price of C$0.1289 per share to satisfy approximately C$152,978.75 in interest payable to holders of its unsecured debentures on December 31, 2022. This decision follows a previous press release and is contingent upon requisite approvals, including from the TSX Venture Exchange. The pricing reflects the shares' volume-weighted average trading price over the preceding 20 trading days. IBC continues to serve various industries with its innovative alloy products.
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