Proceeds used to develop the Kamoa discovery and the Kipushi project
By Devika Patel
Knoxville, Tenn., Sept. 23 - Ivanhoe Mines Ltd. said it will raise between C$100 million and C$108 million in a non-brokered private placement of stock.
The company will sell between 50 million and 54 million class A common shares at C$2.00 apiece, a 21.88% discount to the Sept. 20 closing share price of C$2.56.
Robert Friedland will invest C$25 million.
Proceeds will be used to develop the Kamoa copper discovery and the Kipushi zinc-copper-lead-germanium-precious metals project and for general corporate purposes.
Ivanhoe is a zinc, copper, lead, germanium and precious metals mining company based in Toronto.
Issuer: | Ivanhoe Mines Ltd.
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Issue: | Class A common shares
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Amount: | C$100 million (minimum), C$108 million (maximum)
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Shares: | 50 million (minimum), 54 million (maximum)
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Price: | C$2.00
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Warrants: | No
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Agent: | Non-brokered
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Investor: | Robert Friedland (for C$25 million)
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Pricing date: | Sept. 23
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Stock symbol: | Toronto: IVN
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Stock price: | C$2.56 at close Sept. 20
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Market capitalization: | C$1.18 billion
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