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Gold/Mining/Energy : Ivanhoe Energy Inc - (IE) -- Ignore unavailable to you. Want to Upgrade?

To: canuck-l-head who wrote (19)	2/8/2000 3:15:00 PM
From: Lino...	Read Replies (1) \| Respond to of 33

Ivanhoe Energy closes $20 million financing to advance oil & deep gas exploration in California David Martin, Chairman of Ivanhoe Energy Inc., announced today that the company has closed its CDN$20.3 million (US$14.1 million) private placement announced on January 24, 2000. The funds will be used primarily to advance Ivanhoe Energy's oil and deep-gas drilling program in California's San Joaquin Basin, one of the largest energy-producing regions in the U.S. SMALL CAP World Fund, Inc., a large, U.S.-based mutual fund managed by Capital Research and Management Company of Los Angeles, California, purchased CDN$13 million (US$9 million) of the private placement. Mr. Martin welcomed SMALL CAP World Fund as a new shareholder. "Capital Research and Management Company is one of the largest and most experienced investment management firms in the world. Its investment in Ivanhoe is an acknowledgement of the potential of our exploration properties in California and the prospects for our current development project on the Dagang oilfield in China." Mr. Martin said that Ivanhoe Energy, with interests in approximately 300,000 acres of exploration ground in the southern San Joaquin Basin, is one of the companies best positioned to benefit from any successes in the advanced search for new reserves of oil and natural gas in the region. In China, potentially the world's most significant emerging market, Ivanhoe - in partnership with Petro China (formerly China National Petroleum Corp.) and Japan's Nippon Oil Exploration Limited - is drilling new wells and reworking existing wells in a pilot program designed to increase production and rates of oil recovery. The balance of Ivanhoe's newly completed financing, approximately CDN$7.3 million (US$5.1 million), was purchased by the company's Deputy Chairman Robert M. Friedland, Mr. Martin and other members of its Board of Directors and senior management team. The private placement consists of 6.25 million units at a price of CDN$3.25 per unit. Each unit consists of one common share and one share-purchase warrant. Two share-purchase warrants entitle the holder to acquire one common share of Ivanhoe at an exercise price of CDN$4.00 for a period of one year. Ivanhoe now has 116.8 million shares issued and outstanding and 128.8 million shares fully diluted. Ivanhoe Energy shares trade on the Toronto Stock Exchange under the symbol IE. For investors - Peter Meredith and Bill Trenaman, For media - Bob Williamson (604) 688-8323, Website: www.ivanhoe-energy.com