TORONTO, ONTARIO--(Marketwired - Oct. 7, 2013) - Innovative Composites International Inc. (CNSX:IC)(OTCQX:ICIZF) ("ICI", or the "Company") is pleased to announce that it has increased its previously announced subsequent tranche offering of convertible debentures (the "Debentures") for an additional principal amount of up to $1.15 million. On September 5, 2013, the Company issued $2,016,875 principal amount of Debentures, while indicating that it was seeking to complete an additional tranche offering of Debentures for additional gross proceeds of up to $983,125. Including Debentures issued pursuant to the first tranche closing, and assuming completion of this second tranche, the Company will have issued an aggregate of $3,166,875 principal amount of Debentures. It is anticipated that the second tranche will close on or about October 8, 2013. With the objective of preserving cash to fund ongoing business objectives and in light of the Company's current working capital position, approximately $1 million of the second tranche debentures will be issued in satisfaction of existing debts of the Company, with the balance being subscribed for with cash proceeds. Cash proceeds of the second tranche will be used for general working capital purposes.
About Innovative Composites International Inc.
Headquartered in Toronto, Canada, Innovative Composites International Inc. is a high-tech engineering and manufacturing company whose goal is to utilize its proprietary "green" composite materials and building systems to provide innovative, engineered product solutions to markets that include automotive and transportation, shelters and containers, construction and housing, and industrial applications.
To find out more about ICI please visit our website at: 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.
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