-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UV2xTQ2OYZjID8lBH8E9JtXZz9mXZEHKy2FUIT8er3sj4BYRfLAIGpk1v58PLiDL N6RAhgXOFv7JTj9oWJJtRg== 0001011034-04-000113.txt : 20041018 0001011034-04-000113.hdr.sgml : 20041018 20041018131303 ACCESSION NUMBER: 0001011034-04-000113 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20041018 DATE AS OF CHANGE: 20041018 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IKONA GEAR INTERNATIONAL INC CENTRAL INDEX KEY: 0001130809 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS FABRICATED METAL PRODUCTS [3490] IRS NUMBER: 880474903 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-118727 FILM NUMBER: 041082752 BUSINESS ADDRESS: STREET 1: 1850 HARTLEY AVENUE STREET 2: SUITE 1 CITY: COQUITLAM STATE: A1 ZIP: V3K 7A1 BUSINESS PHONE: (604) 523-5500 MAIL ADDRESS: STREET 1: 1850 HARTLEY AVENUE STREET 2: SUITE 1 CITY: COQUITLAM STATE: A1 ZIP: V3K 7A1 FORMER COMPANY: FORMER CONFORMED NAME: OBAN MINING INC DATE OF NAME CHANGE: 20001227 424B3 1 pros-sup.htm

Filed pursuant to Rule 424(b)(3)
File No. 333-118727

Prospectus Supplement No. 1 dated October 18, 2004 to
Prospectus dated September 15, 2004

IKONA GEAR INTERNATIONAL, INC.

2,530,493 Shares Common Stock

       This Prospectus Supplement No. 1 is part of the Prospect dated September 15, 2004 relating to an offering by certain selling securityholders of up to 2,530,493 shares of common stock.

Recent Developments

       The following information concerning our business and financial condition should be considered by all investors:

       Pursuant to the Letter Agreement dated April 8, 2003 between Ikona Gear International, Inc. and Magna Advanced Technologies, a division of Magna International, Inc., as extended by Letter Agreement dated April 27, 2004 (collectively the "Development Agreement"), Magna Advanced Technologies has provided written notice to Ikona of its intention to proceed to Phase 2 under the Development Agreement, under the following conditions:

1.

Magna will not be required to pay the monthly fee of C$20,000;

2.

Magna will not be required to pay the C$1,000,000 lump sum;

3.

The royalties payable on future sales of product were modified.

       Ikona considers Magna's decision to proceed to Phase 2 under the Development Agreement to be a significant commercial validation of its proprietary gear technology. However, the change in financial terms, including the elimination of the lump sum and monthly fees, will likely have an adverse impact upon the Company's near term cash flow and working capital.

       The Company plans to evaluate the impact of these developments on its operating plan which may require the Company to reduce certain fixed overhead expenses.

       This Prospectus Supplement should be read in conjunction with our Prospectus dated September 15, 2004.

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