Ivanhoe Electric arranges $125M (U.S.) public offering

Executive Summary

• Ivanhoe Electric Inc. announced an underwritten public offering of its common stock with an initial target of $125 million (U.S.).
• The company has granted underwriters a 30-day option to purchase up to an additional $18.75 million (U.S.) of shares.
• Net proceeds are designated for completing land purchase payments at the Santa Cruz copper project, financing early development and exploration activities, and general corporate purposes.

Key Details

• Offering Size: $125 million (U.S.) in shares of common stock.
• Over-Allotment Option: Underwriters have a 30-day option to purchase up to an additional $18.75 million (U.S.) of shares.
• Use of Proceeds:
  • Complete remaining payments owed from the purchase of land at the Santa Cruz copper project in Arizona.
  • Finance early development activities at the Santa Cruz copper project.
  • Finance exploration activities at current projects and joint ventures.
  • Other working capital and general corporate purposes.
• Underwriters:
  • Lead Book-Running Manager: BMO Capital Markets Corp.
  • Book-Running Managers: J.P. Morgan and National Bank of Canada Capital Markets.
• Regulatory Filings:
  • Registration statement on Form S-3 (No. 333-273195) filed with the U.S. SEC and automatically declared effective on July 10, 2023.
  • Receipt for a final base prospectus filed under the multijurisdictional disclosure system (MJDS) with Canadian securities commissions obtained on July 20, 2023.
• Conditions: The offering is subject to market and other conditions, with no assurance as to completion, timing, or final size/terms.