Rio Tinto (RTPPF.PK,RIO.L,RIO,RTNTF.PK) said it has agreed to amend funding plan with Turquoise Hill Resources (TRQ,TRQ.TO) in order to provide liquidity of up to $400 million in short-term early advances.
The Special Committee of TRQ evaluates Rio Tinto's C$34 per share all-cash proposal to acquire the about 49% of the issued and outstanding shares of TRQ that Rio Tinto does not currently own.
The early advances will be available at any time up to their maturity on 31 December, 2022, and enable TRQ to fund the ongoing development of the Oyu Tolgoi (OT) Underground Project in Mongolia.
The deadline in the previously agreed funding plan for Turquoise Hill to conduct an initial equity offering of at least $650 million has also been extended from the end of August 2022 to the end of 2022.
Rio Tinto currently beneficially owns about 102.20 million common shares of Turquoise Hill, representing about 51% of the issued and outstanding common shares of Turquoise Hill.
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