Ivanhoe Mines, a copper and platinum group metals mining company, has appointed BMO Capital Markets as the exclusive agent for a proposed private placement offering of about 41.6 million Class A common shares for C$12.
The miner intends to generate about $500 million in revenue.
Ivanhoe said that the net proceeds of the transaction will be used for exploration, operating capital, and general corporate purposes.
The company is anticipated to grant BMO Capital Markets an option to repurchase an additional 15% of the common shares acquired in connection with the transaction.
The offering is expected to close on December 18.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
