Ivanhoe Mines Announces C$500 Million Private Placement
December 12 2023 - 4:31PM
Ivanhoe Mines Ltd. (TSX: IVN; OTCQX: IVPAF) (“Ivanhoe
Mines” or the “Company”) is pleased to announce that it has engaged
BMO Capital Markets as sole agent in connection with a proposed
offering of 41,667,000 Class A common shares (the “Common Shares”),
on a private placement basis (the “Offering”) at a price of
C$12.00 per Common Share (the “Offering Price”) for aggregate gross
proceeds of C$500 million (approximately US$370 million). The
Company expects to grant BMO Capital Markets an option, exercisable
at the Offering Price up until 48 hours prior to the closing of the
Offering, to place up to an additional 15% of the number of Common
Shares purchased pursuant to the Offering. The Offering is expected
to close on or about December 18, 2023 and is subject to Ivanhoe
Mines receiving all necessary regulatory approvals, including
approval of the Toronto Stock Exchange.
The net proceeds of the Offering will be used to fund
exploration, working capital, and for general corporate
purposes.
The Offering will be conducted in reliance upon certain
prospectus and private placement exemptions. The securities
issuable to Canadian purchasers under the private placement will be
subject to a hold period expiring four months and one day after the
closing date. The Common Shares have not been and will not be
registered under the U.S. Securities Act of 1933, as amended, and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
shares in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
Pursuant to the investor rights agreements between the
Company and CITIC Metal Africa Investments Limited (“CITIC”) and
Zijin Mining Group Co. Ltd. (“Zijin”), respectively, each of CITIC
and Zijin will have the right to acquire Common shares at the
Offering Price to maintain their pro rata equity interest in the
Company. Any Common Shares issued to CITIC or Zijin on exercise of
their respective anti-dilution rights under their investor rights
agreements will be in addition to those issued as part of the
Offering.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on
advancing its three principal projects in Southern Africa; the
expansion of the Kamoa-Kakula Copper Complex in the DRC, the
construction of the tier-one Platreef
palladium-nickel-platinum-rhodium-copper-gold project in South
Africa; and the restart of the historic ultra-high-grade Kipushi
zinc-copper-germanium-silver mine, also in the DRC.
Ivanhoe Mines also is exploring for new copper
discoveries across its circa 2,400km2
of 80-100% owned exploration licenses, as well as on the
247km2 of newly acquired joint
venture licenses, in the Western Foreland located adjacent to the
Kamoa-Kakula Copper Complex in the DRC.
Information Contact
Investors
Vancouver: Matthew Keevil +1 604 558
1034London: Tommy Horton +44 7866 913 207
Cautionary Statement on Forward-Looking
Information
Certain statements in this news release constitute
“forward-looking statements” or “forward-looking information”
within the meaning of applicable securities laws. Such statements
and information involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance or
achievements of the company, its projects, or industry results, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. Such statements can be identified by the
use of words such as “may”, “would”, “could”, “will”, “intend”,
“expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”,
“forecast”, “predict” and other similar terminology, or state that
certain actions, events or results “may”, “could”, “would”, “might”
or “will” be taken, occur or be achieved. Readers are cautioned not
to place undue reliance on forward-looking information or
statements. These statements reflect the company’s current
expectations regarding future events, performance and results and
speak only as of the date of this news release.
Such statements include without limitation, statements regarding
the anticipated aggregate gross proceeds, pricing and timing of
closing of the Offering and the anticipated use of proceeds of the
Offering, statements regarding receipt of Toronto Stock Exchange
approval in respect of the Offering and statements in respect of
the exercise of the CITIC and Zijin anti-dilution rights.
Forward-looking statements and information involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indicators of whether or not such results will be achieved. A
number of factors could cause actual results to differ materially
from the results discussed in the forward-looking statements or
information, including, but not limited to, the factors discussed
under “Risk Factors” and elsewhere in the company’s MD&A for
the three and nine months ended September 30, 2023, and its Annual
Information Form, as well as the inability to obtain regulatory
approvals in a timely manner; the potential for unknown or
unexpected events to cause contractual conditions to not be
satisfied; unexpected changes in laws, rules or regulations, or
their enforcement by applicable authorities; the failure of parties
to contracts with the company to perform as agreed; social or
labour unrest; changes in commodity prices; and the failure of
exploration programs or studies to deliver anticipated results or
results that would justify and support continued exploration,
studies, development or operations.
Although the forward-looking statements contained in this news
release are based upon what management of the company believes are
reasonable assumptions, the company cannot assure investors that
actual results will be consistent with these forward-looking
statements. These forward-looking statements are made as of the
date of this news release and are expressly qualified in their
entirety by this cautionary statement. Subject to applicable
securities laws, the company does not assume any obligation to
update or revise the forward-looking statements contained herein to
reflect events or circumstances occurring after the date of this
news release.
Ivanhoe Mines (TSX:IVN)
Historical Stock Chart
From Oct 2024 to Nov 2024
Ivanhoe Mines (TSX:IVN)
Historical Stock Chart
From Nov 2023 to Nov 2024