IC International Corona Capital Corp

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ TORONTO, Nov. 28, 2011 /CNW/ - Innovative Composites International Inc. (the "Company" or "ICI") is pleased to announce that it has entered into an agreement with a syndicate of underwriters, co-led by Canaccord Genuity Corp., and Clarus Securities Inc., which have agreed to purchase, on a bought deal basis, 13,400,000 common shares (the "Common Shares") of the Company at a price of $0.75 per Common Share, for aggregate gross proceeds of approximately $10.1 million (the "Offering").  The underwriters will also have the option (the "Over-Allotment Option"), exercisable in whole or in part at any time up to 30 days after the closing of the Offering, to purchase up to an additional 15% of the Offering solely to cover over-allotments, if any, and for market stabilization purposes.  In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering will be approximately $11.6 million. A preliminary short form prospectus will be filed in connection with the Offering in all provinces of Canada. The Company plans to use the net proceeds for plant expansion and general corporate purposes. The common shares being sold pursuant to the offering have not, and will not be, registered under the United States Securities Act of 1933 (the "1933 Act") and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under the 1933 Act) absent registration under the 1933 Act or an applicable exemption from the registration requirements thereof. The offering is subject to certain conditions including, but not limited to, the execution of a definitive underwriting agreement with the underwriters and receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities. About Innovative Composites International Inc. Innovative Composites International is an integrated high-tech engineering and manufacturing company that commercializes an IP protected line of state-of-the-art composite products for applications in the housing, construction and transportation industries. The company, with offices in Toronto and a manufacturing facility in Sault Sainte Marie, Michigan, is led by an executive and engineering team that has more than 100 years of experience in the high-tech manufacturing sector. Since its inception in 2007 ICI has negotiated and signed significant partnership deals with leaders in its multi-billion target markets, providing its partners with competitive advantages over other providers in their industries. To find out more about Innovative Composites International Inc. , please visit our website at http://www.innovativecompositesinc.com 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. Statements made in this press release include forward-looking statements that involve a number of risks and uncertainties. These statements relate to future events or future performance and reflect management's current expectations and assumptions. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements, such as the economy, generally, competition in its target markets, the demand for ICI's products and the availability of funding. These forward-looking statements are made as of the date hereof and ICI does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from ICI's expectations and projections. Innovative Composites International Inc. CONTACT: Ilja TroitschanskiChief Financial Officer(416) 646 0754 x 100ilja@innovativecompositesinc.com

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