April 29, 2004
International Barrier Technology Inc. Announces Private Placement
Watkins, MN, Vancouver, BC, April 29, 2004 - International Barrier Technology Inc. (the "Company") announces that, subject to regulatory acceptance, it has negotiated a private placement in the amount of 750,000 units at a price of $1.05 per unit for gross proceeds of $787,500. Each unit consists of one common share and one non-transferable share purchase warrant (the "Warrants"). The Warrants have an exercise term of two years from the closing date. One Warrant and $1.31 will entitle the placee to acquire an additional common share of the Company. The proceeds from the private placement will be used to fund the acquisition of the Pyrotite fire retardant technology and for working capital.
The Company further announces that it has granted stock options to an officer and controller of the Company in the amount of 50,000 common shares in the capital stock of the Company, at a price of $1.05 per share exercisable up to and including April 29, 2006.
About International Barrier Technology Inc.
International Barrier Technology, Inc. develops, manufactures, and markets proprietary fire resistant building materials branded as Blazeguard®. The award-winning Blazeguard wood panel uses a patented, non-toxic, non-combustible coating with an extraordinary capability: it releases water when exposed to the heat of fire. The panels exceed International Building Code requirements in every targeted fire test and application, and are unique in combining properties that increase panel strength and minimize environmental and human impact. Blazeguard customers include Centex, D.R. Horton, KB Home, and Lennar. Lowe's Companies and Stock Building Supply are Blazeguard distributors.
Barrier is part of the DJ Building Materials Index (US)
INTERNATIONAL BARRIER TECHNOLOGY INC.
Per: "MICHAEL HUDDY"
President & Director
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
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Forward-Looking Information: The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve certain risks, assumptions and uncertainties, including but not limited to the ability to generate and secure product sales. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
International Barrier Technology Inc.
Richard Angle, 866-735-3519
ECON Investor Relations, Inc.
Peter Kletas, 866-948-0848
Source: International Barrier Technology Inc.
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