Funds to Facilitate Sales in Commercial Modular Roofing Market
Under Agreement with Mule-Hide Products

International Barrier Technology Inc. (“Barrier”) (IBTGF: OTCBB; IBH: TSXV) has completed a non-brokered private placement in the amount of 1.2 million units of the Company at a price of C$0.64 cents per unit for gross proceeds of C$768,000 to six placees. 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. The shares and underlying shares are subject to hold periods expiring June 2, 2004 and June 3, 2004 respectively. No finder’s fee was paid with respect to the private placement.
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