Ivanhoe Electric Prices IPO Of 14.39 Mln Shares At US$11.75/shr

Ivanhoe Electric Inc. , a U.S.-based minerals exploration and development company, said it has priced its initial public offering of 14.39 million shares of its common stock at a price of US$11.75 per share.

The company expects gross proceeds from the offering to be approximately US$169.1 million, before deducting underwriting discounts and commissions and estimated offering expenses.

In addition, Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to an additional 2.16 million shares of common stock at the initial public offering price, less underwriting discounts and commissions.

The shares are expected to begin trading on the NYSE American and the Toronto Stock Exchange on June 28, 2022 under the ticker symbol "IE". The offering is expected to close on June 30, 2022, subject to customary closing conditions.

Ivanhoe Electric plans to use the net proceeds of the offering to fund certain payments to acquire or maintain its mineral and property rights to its material and key mineral properties, to further its metals exploration activities at all of its mineral properties, to construct and deploy additional sets of its Typhoon electrical pulse-powered geophysical surveying transmitter technology, as well as working capital and general and administrative costs.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Walt Disney's streaming service Disney+ is rolling out its much-anticipated new ad-supported subscription plan for Disney+ in the U.S. as part of its bid to stem the loss and make its streaming business profitable after the services posted a hefty operating of loss more than $1 billion in the third quarter. It is also raising pricing for its bundled subscription plans with Hulu, ESPN+ and live TV. The U.S. Food and Drug Administration announced the intended availability of base powder to make around 6 million bottles of specialty formula from Mexico as part of its efforts to meet the nationwide supply shortage caused by Abbott Nutrition recall. Reckitt Nutrition/Mead Johnson Nutrition will send an initial shipment of 331 thousand pounds of base powder for PurAmino Hypoallergenic Formula. Shares of Deutsche Telekom AG were gaining more than 1 percent in the morning trading in Germany after the telecom major on Thursday raised its fiscal 2022 earnings outlook again, despite reporting lower profit in its second quarter. Adjusted EBITDA AL, a key earnings metric, increased, while adjusted EBITDA AL margin dropped.
Follow RTT