Ivanhoe Electric Announces Pricing of Initial Public Offering
Ivanhoe Electric Announces Pricing of Initial Public Offering
NEW YORK, New York, June 27, 2022 -- Ivanhoe Electric Inc. (“Ivanhoe Electric”), a
U.S.-based minerals exploration and development company, announced today the pricing
of its initial public offering of 14,388,000 shares of its common stock at a price of
US$11.75 per share. The gross proceeds from the offering are expected to be
approximately US$169.1 million, before deducting underwriting discounts and
commissions and estimated offering expenses payable by Ivanhoe Electric. In addition,
Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to an
additional 2,158,200 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 intends 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.
BMO Capital Markets and Jefferies are acting as the lead bookrunners for the offering.
J.P. Morgan is acting as a joint bookrunner for the offering. Raymond James, RBC
Capital Markets and Scotiabank are acting as co-managers for the offering.
The offering is being made only by means of a prospectus. Copies of the prospectus
relating to the offering may be obtained from BMO Capital Markets Corp., Attn: Equity
Syndicate Department, 151 W 42nd Street, 32nd Floor, New York, NY 10036, telephone:
(800) 414-3627, email: [email protected]; or Jefferies LLC, Attn: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by
telephone: 1-877-821-7388 or by email: [email protected].
A registration statement relating to these securities has been filed with, and declared
effective by, the U.S. Securities and Exchange Commission. Ivanhoe Electric has also
obtained a receipt for a final base PREP prospectus filed with the securities commissions
or similar securities regulatory authorities in each of the provinces of Canada (except
Québec) on the date hereof. A copy of the supplemented PREP prospectus containing
pricing information and other important information relating to the shares of common
stock may, when available, be obtained from the underwriters at the addresses set out
above and will be available on the SEDAR website at www.sedar.com and the EDGAR
website at www.sec.gov/edgar under Ivanhoe Electric’s profile.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy
these securities, nor shall there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or jurisdiction.
About Ivanhoe Electric
Ivanhoe Electric Inc. is a United States domiciled technology and metals company that is
re-inventing mining for the electrification of everything. Ivanhoe Electric represents the
confluence of advanced exploration technologies (Typhoon™ and Computational
Geosciences Inc.), electric metals projects focused in the United States and renewable
energy storage solutions (VRB Energy Inc. – vanadium flow batteries). Ivanhoe Electric
is uniquely positioned to support American supply chain independence by delivering the
critical metals necessary for electrification of the economy.
Forward-Looking Statements
This press release contains statements that constitute “forward looking information” and
“forward-looking statements” within the meaning of U.S. and Canadian securities laws.
All statements other than statements of historical facts contained in this press release,
including statements regarding the expected closing date of the offering and the use of
proceeds from the offering are forward-looking statements. Forward-looking statements
are based on management’s beliefs and assumptions and on information currently
available to management. Such statements are subject to risks and uncertainties, and
actual results may differ materially from those expressed or implied in the forward-
looking statements due to various factors, including changes in the prices of copper or
other metals Ivanhoe Electric is exploring for, the results of exploration activities,
significant risk and hazards associated with mining operations, extensive regulation by
the U.S. government as well as local governments; the impact of political, economic and
other uncertainties associated with operating in foreign countries, and the impact of the
COVID-19 pandemic and the global economy. These factors should not be construed as
exhaustive and should be read in conjunction with the other cautionary statements
described in Ivanhoe Electric’s registration statement on Form S-1, as amended, filed
with the U.S. Securities and Exchange Commission and base PREP prospectus filed with
Canadian securities commissions. Ivanhoe Electric expressly disclaims any obligation or
undertaking to update the forward-looking statements contained in this press release to
reflect any change in its expectations or any change in events, conditions, or
circumstances on which such statements are based unless required to do so by applicable
law. No assurance can be given that such future results will be achieved. Forward-
looking statements speak only as of the date of this press release. We caution you not to
place undue reliance on these forward-looking statements.
Media Contact
Evan Young
Vice President, Corporate Development
604-598-8765