BOSTON, Nov. 7, 2014 /PRNewswire/ -- IBS Capital LLC ("IBS"), a Boston-based investment firm, today announced a $1,999,998 investment in a private placement of Applied Minerals, Inc. 10% PIK Election Convertible Notes due 2018 ("Notes") with a strike price of $0.92 per share. In addition, contrary to press reports that IBS sold shares of Applied Minerals, Inc. and concurrently with this investment, IBS rebalanced its position in Applied Minerals, Inc. common stock by transferring shares among the funds it manages. IBS did not reduce the holdings of Applied Minerals, Inc. in the funds it manages, it merely transferred shares between those funds to address capital inflows and outflows.
About IBS Capital LLC
IBS Capital LLC ("IBS") is an investment management company based in Boston, MA. Founded in 1990, IBS is the general partner of two U.S. partnerships and the investment manager of a non-U.S. fund. The IBS funds pursue an "event-driven" strategy with a focus on distressed, turnaround and special situation investments. The primary goal of the funds is to generate superior, long-term after-tax returns though the purchase and sale of stocks and bonds of companies in the US and emerging markets that have limited downside risk, but substantial appreciation potential. David Taft is the founder and President of IBS. For more information, please visit www.ibscapital.com.
SOURCE IBS Capital LLC