Ivanhoe Mines (IVN-T) arranges $108-million placement
Sept 23, 2013 - News Release
Ivanhoe Mines Ltd. has agreed on terms for a non-brokered, common share private placement financing with a group of investors.Under the agreed terms, the company will issue no less than 50 million new Class A common shares at $2 per share to raise a total of $100-million -- and potentially may issue up to a total of 54 million common shares, which would raise up to $108-million. Mr. Friedland will subscribe for $25-million of the offering, effectively proportionate to his holding in the company.
The proceeds of the offering will advance the development of the company's Kamoa copper discovery and the Kipushi zinc-copper-lead-germanium-precious-metals project, and for general corporate purposes.
The offering of common shares is subject to a number of conditions, including, without limitation, the finalization of definitive subscription documentation and receipt of all regulatory approvals before closing, including the conditional approval of the Toronto Stock Exchange. The offering is expected to close within two weeks.
Lars-Eric Johansson noted that, as previously disclosed, confidential discussions and the conduct of due diligence are continuing with a selected number of leading international, private and state-owned mining companies that have expressed interest in participating in the company's assets, both at the project and corporate levels.
"Ongoing talks could lead to the formation of a significant strategic corporate partnership or syndicate for continued exploration and development of the company's discoveries and associated infrastructure," he added.
We seek Safe Harbor. |
