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Ma’aden exercises Ivanhoe Electric top-up right

24th October 2023

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Saudi Arabian mining company Ma’aden has exercised its top-up right in Ivanhoe Electric to maintain a 9.9% ownership of the NYSE American- and TSX-listed company.

This follows last month’s equity offering in which Ivanhoe Electric raised about $184-million. The company issued 11.85-million shares at $13.5 each, while underwriters exercised their option to purchase an additional 1.78-million shares.

Ma’aden will purchase an addition 1.5-million shares at $13.5 each for gross proceeds of $20.4-million.

Ivanhoe Electric says it will use the proceeds to advance its US mineral projects, for working capital and general corporate purposes.

Edited by Creamer Media Reporter

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