Mar 24, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
Ivanhoe Mines, Ltd., a Canada-based company engaged in the acquisition, exploration and development of mineral resources, has raised CAD244.7 million ($232.76 million) through the issue of 15 million shares at a price of CAD16.31 ($15.51) per share to Rio Tinto Limited, an Australia-based mineral mining company.
Following the transaction, Rio Tinto has increased its ownership in Ivanhoe Mines from 19.6% to 22.4%.
Announcement (February 28, 2010):
Rio Tinto has agreed to acquire an additional 2.7% stake in Ivanhoe Mines through the subscription of 15 million shares of Ivanhoe Mines at a price of CAD16.31 ($15.51) per share, for a total consideration of CAD244.7 million ($232.76 million).
Deal Value (US$ Million) 232.76
Deal Type Private Placement
Sub-Category None
Deal Status Completed: 2010-03-22
Deal Participants
Target (Company) Ivanhoe Mines, Ltd.
Acquirer (Company) Rio Tinto Limited
Deal Rationale
Ivanhoe Mines will use the proceeds to purchase from Rio Tinto key mining and milling equipment for the Oyu Tolgoi copper-gold mining complex in Mongolia and for general corporate purposes.
% Acquisition 2.7%
Offer Price ($ per share) 15.51
No. Shares Issued 15000000
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