Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) announced today that final, closing results of its strategic rights offering have confirmed that the offering generated US$1.18 billion in gross proceeds to be used to advance development of the Oyu Tolgoi copper-gold project in Mongolia.
Upon the closing of the rights offering, Ivanhoe Mines issued a total of 84,867,671 common shares, which represents 99.5% of the maximum number of common shares that were available under the rights offering.
"The virtually universal support of our eligible shareholders and the backing of the international investment community have made this rights offering another landmark event in the history of our company," said Robert Friedland, Executive Chairman and Chief Executive Officer of Ivanhoe Mines.
"The funds that have been raised significantly enhance Ivanhoe Mines' capital position and our ability to sustain the pace of full-scale construction at Oyu Tolgoi toward our target of initial production next year."
Citi was the lead dealer manager for the rights offering. BMO Capital Markets and CIBC were co-dealer managers.
Source: Ivanhoe Mines