IC International Corona Capital Corp

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Innovative Composites International Inc. (TSX VENTURE:IC) (the "Company" or
"ICI") is pleased to announce the closing of its previously announced bought
deal public offering of 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
$10,050,000 (the "Offering"). The Offering was conducted through a syndicate of
underwriters co-led by Canaccord Genuity Corp. and Clarus Securities Inc., and
including Raymond James Ltd., Cormark Securities Inc. and Union Securities Ltd.
(the "Underwriters"). In connection with the Offering, the Company issued
670,000 broker warrants to the Underwriters, each broker warrant entitling the
holder to acquire one additional common share of the Company at an exercise
price of $0.75 for 24 months after the closing. 


The Underwriters 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. 


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. 


About Innovative Composites International Inc. 

Headquartered in Toronto, Canada, Innovative Composite International Inc. is a
high tech engineering and manufacturing company that is successfully
commercializing a patent protected line of state-of-the-art composite products
targeted at the multi-billion dollar transportation and affordable housing
markets. 


Led by a team of commercialization experts, ICI has adopted a tier two business
model: it designs and manufactures game-changing products and partners with
established companies in its target markets to utilize their sales channels for
faster product roll-out. 


This strategy and the superior characteristics of the products have resulted in
rapidly growing sales in both markets and opened up opportunities that could
lead to large scale contracts on an ongoing basis.


To find out more about Innovative Composites International Inc. (TSX
VENTURE:IC), please visit our website at http://www.innovativecompositesinc.com.


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.

International Corona Cap... (TSXV:IC)
Historical Stock Chart
From Jun 2024 to Jul 2024

International Corona Cap... (TSXV:IC)
Historical Stock Chart
From Jul 2023 to Jul 2024