TMX group

Apr. 7, 2010 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that IBI's affiliate company, Grey Crown Resources Limited ("Grey Crown"), currently a private integrated gold exploration company focused on Uganda, and owner of the Tira Gold Mine, has closed its recent short-term private placement, which was in the form of a convertible debenture, and which raised $375,000.

The details of the private placement, including terms, were outlined in the Company's news release of March 29, 2010. As noted in the release, Grey Crown is currently in the process of completing documentation and satisfying certain conditions concerning its proposed transaction with Sereno Capital Corporation {"Sereno"), a TSX-Venture issuer. The deadline for closing the proposed transaction is May 15, 2010. The goal of Grey Crown regarding the proposed transaction is to be the "resulting issuer" from a reverse takeover of Sereno and to be listed on the TSX Venture Exchange.  

The terms of the $375,000 Short-Term Convertible Debenture were as follows:

* Convertible into Units consisting of one common share and one warrant, at the option of holder, on or before maturity, at Cdn$0.50
* Interest at 8% per annum, payable quarterly
* Maturity October 31, 2010
* Warrant exercisable at Cdn$0.60 for one year

The funds from this placement will be used for working capital and costs associated with the reverse takeover of Sereno.

One of the conditions of completing the proposed transaction with Sereno is that Grey Crown is required to raise a minimum of $2.5 million in private placements financing, and this short-term private placement financing will count towards this minimum requirement. It is anticipated that additional private placement financing, which will be sold as units, will be completed with institutional investors in Europe.

As part of arranging the financing with institutional investors, Paul Sherwen and John Anderson of Grey Crown will be participating in a series of presentation meetings in a European Road Show during the week of April 12 to 16. Meetings will be held in Paris, Zurich, Geneva, Luxembourg, and London.

Major Financing Private Placement Terms:

* Planning on raising $5 million in total, including the short-term placement now closed
* Placement will be sold as Units, at $0.50
* Each Unit will consist of one common share and one common share purchase warrant
* One warrant per Unit, exercisable at $0.75 for first year and $1.00 for second year
* The funds will be held in trust until closing of proposed transaction with Sereno; closing of the major financing private placement will take place the day before closing of Sereno reverse takeover, and the start of public trading.

Interested parties should contact the Company for further details about the financing.

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IBI Corporation Overview

Uranium: Following a decision to focus on high-value minerals exploration and development in Uganda and East Africa, IBI sold its Namekara Vermiculite Mine in Uganda to Rio Tinto for US $5 million in March 2007, with final closing in March 2008. IBI subsequently has focused primarily on developing opportunities for the exploration and development of uranium in Uganda and Tanzania. IBI's prospective uranium land portfolio is comprised of approximately 2,882 square kilometres in Uganda and Tanzania. The Company is currently seeking to add more uranium lands.
The Company has prepared a proposal for the Government of Uganda for a private/public partnership between IBI Corporation and the Government of Uganda for the exploration and development of IBI's prospective uranium lands towards the goal of creating a nuclear electrical power generation program for Uganda.

Gold: IBI has accelerated its program of investing in promising gold opportunities, most notably through its current ownership position in Grey Crown Resources Limited. Grey Crown owns the Tira Gold Mine in Uganda and has also built a prospective gold lands portfolio of 1,242 square kilometres in the South East Uganda Greenstone Belt, which is considered to be an extension of the Lake Victoria Greenstone Belt where several prominent majors, including Barrick Gold and AngloGold Ashanti, are currently producing gold from proven reserves.

General: In February 2009, IBI entered into a joint venture agreement with Venus Capital Resources Limited in which IBI holds a 20% carried interest in 12 exploration license properties comprising 3,442 square kilometres, and regarding which, Venus is the project operator. The properties are contemplated for uranium, gold, and rare earth minerals exploration.

Reader Advisory: Statements in this document may contain forward-looking information. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including, but not limited to, any potential outcomes resulting from the anticipated financing regarding the proposed transaction with Sereno Capital Corporation, and discussed in this news release. The reader is cautioned not to place undue reliance on this forward-looking information.


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)has reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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For further information, please contact:

Gary A. Fitchett CA - President and CEO
Tel: (905) 985-6510
e.mail: G.Fitchett@IBInvest.com

Dennis Mellersh - Investor Relations
Tel: (416) 754-4454
e.mail: D.Mellersh@IBInvest.com

http://www.IBInvest.com

#2010 - 361



Source: IBI Corporation (TSX-V: IBI) http://www.IBInvest.com          
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