IBC Advanced Alloys Announces Amendment of Existing Credit Facility

Executive Summary

• IBC Advanced Alloys’ U.S. subsidiaries amended their credit agreement with Iron Horse Credit, LLC, extending the maturity to September 30 2026.
• The amendment provides additional advance‑purchase funding secured by accounts receivable, which was used to repay all outstanding amounts under the company’s facility with Sallyport Commercial Finance, LLC.
• Interest on the amended facility will be SOFR + 6% per annum, compounded and payable monthly; the amendment is pending TSX Venture Exchange approval.

Key Details

• Amendment Parties: IBC Advanced Alloys Corp. U.S. subsidiaries (the “Subsidiaries”) and Iron Horse Credit, LLC (“Lender”).
• Maturity Extension: New maturity date of September 30 2026 (previously earlier).
• Funding Mechanism: Advance‑purchase funding based on sale of the Subsidiaries’ accounts receivable; Lender holds a security interest over those receivables.
• Use of Proceeds: Entire amount used to pay off all outstanding balances under the credit facility with Sallyport Commercial Finance, LLC.
• Interest Rate: SOFR + 6% per annum, compounded and payable monthly on any outstanding amounts.
• Regulatory Condition: Amendment subject to approval by the TSX Venture Exchange (TSX‑V).
• Previous Agreements Referenced: Credit Agreement originally disclosed in press releases dated July 29 2021 and August 28 2023.

Notable Quotes

• “Mark A. Smith,” Chairman of the Board – signatory on behalf of the Board of Directors.