Ivanhoe Electric to raise up to US $180M from TSX, NYSE American IPO

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By CPE News

CPE News (6.18.2022) – Ivanhoe Electric Inc. has filed an amendment to its preliminary base PREP prospectus in connection with its proposed initial public offering (IPO) of common shares.

Vancouver based Ivanhoe Electric intends to issue 14,388,000 shares of common stock to be priced US $11.75 and US $12.50 per share for gross proceeds of between US $169.059 million to US $179.85 million.

Ivanhoe Electric has applied for listing of the common shares on the NYSE American in the United States and the Toronto Stock Exchange (TSX) in Canada under the symbol “IE”.

Upon closing of the IPO, Ivanhoe Electric will have 92,608,474 shares outstanding or 94,766,674 shares if the underwriters exercise the over-allotment in full.

5% stockholders will include CEO & Chairman Robert Friedland (10.1%), I-Pulse, Inc. (14.6%), Century Vision Holdings Limited of Hong Kong (14.8%), Fidelity entities (6.8%), Orion Mine Finance Fund III LP (7.0%), BlackRock Inc. entities (5.7%), and BHP Group Limited entities (5.5%)

Ivanhoe Electric is a Delaware domiciled minerals exploration and development company with a focus on developing mines from mineral deposits principally located in the United States. Its two material mineral projects are located in the United States and are known as the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah. Its other key mineral projects are the Hog Heaven Silver-Gold-Copper Project, located in Montana, and the Sama Nickel-Copper-Palladium Project, located in the Ivory Coast, in which Ivanhoe Electric has both direct and indirect interests.

photo credit: Ivanhoe Electric