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Innovative Composites closes financing for US$4.78 million

Fasken
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Canaccord Genuity Corp.

On November 24, 2010, Innovative Composites International Inc. (TSX VENTURE:IC) announced the closing of its short form prospectus offering, led by Canaccord Genuity Corp. and including Union Securities Ltd. (the "Agents"). Innovative Composites issued 8,700,218 common shares at a price of $0.55 per share for gross proceeds of $4,785,120, and issued 847,022 broker warrants to the Agents, each broker warrant entitling the holder to acquire one additional common share of the company at an exercise price of $0.55 for 24 months after the closing. The underwriters have an over-allotment option to purchase up to an additional 1,305,032 common shares on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing. The Agents were advised in this transaction by Fasken Martineau with a team that included Georges Dubé, Alex Nikolic and Nick Shkordoff, assisted by student-at-law Jeffrey Gebert.

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