BRIEF-IBC Advanced Alloys says Anthony Dutton to step down as co's CEO

Thu Apr 7, 2016 11:19am EDT
 
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April 7 (Reuters) - IBC Advanced Alloys Corp :

* IBC Advanced Alloys announces major corporate reorganization including a C$5.5 million capital raise to boost production

* Will consolidate share capital on basis of one post-consolidation common share for every ten pre-consolidation common shares

* IBC Advanced Alloys Corp says reorganization consists of a share consolidation of its issued and outstanding common shares

* Reorganization consists of a post-consolidation private placement and certain changes to company's management and directors

* IBC Advanced Alloys Corp says reorganization consists of a share consolidation of its issued and outstanding common shares

* Anthony Dutton will step down as IBC's CEO and will move to position of vice president

* As part of reorganization plan, major general David "Duncan" Heinz, IBC's current chief operating officer, will take over as CEO

* Further, on closing of private placement, board members Alastair Neill and Dal Brynelsen will be resigning

* Non-Brokered private placement of post-consolidation units at issue price of C$0.375/unit for gross proceeds of up to C$5.5 million Source text for Eikon: Further company coverage: