December 23, 2003
International Barrier Technology Inc. Announces Private Placement
Watkins, MN, Vancouver, BC, December 23, 2003 - International Barrier Technology Inc. (the "Company") announces that, subject to regulatory acceptance, it has negotiated a private placement in the amount of 1,200,000 units at a price of $0.64 per unit for gross proceeds of $768,000. Each unit consists of one common share and one non-transferable share purchase warrant (the "Warrants"). The Warrants have an exercise term of twelve months from the closing date. One Warrant and $0.80 will entitle the placee to acquire an additional common share of the Company.
A portion of the proceeds from the private placement will be used by the Company to fund working capital and production facility modifications of the Company's subsidiary, Barrier Technology Corporation. These changes are being made to enhance Barrier's ability to meet the expected product supply requirements under its recently announced sales agreement with Mule-Hide Products Co., Inc.
The Company has agreed to pay a finder's fee in the amount of 10% with respect to this private placement.
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.
INTERNATIONAL BARRIER TECHNOLOGY INC.
David J. Corcoran
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS PRESS RELEASE.
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
1-866-735-3519, (320) 764-5797
Source: International Barrier Technology
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