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Nice.
"While I was down at the Southwest Research Institute** in San Antonio looking at (IVAN)’s new Feedstock Test Facility where they are carrying out design optimization for their commercial projects, one of the scientists gave me a Friedland quote about the technology and process. The story goes; they were discussing the impact financially that this technology would have on the world energy scene and to them personally; Friedland said, he “wasn't doing it for the money, but to make history.”
I think that the fact that it took only a couple weeks to raise total proceeds of Cdn$150 million is an important plus and is evidence again that CEO & Co-Chairman Robert Friedland can seemingly raise millions and billions like just about nobody else.
Even more crucially important in understanding the nature of, and the impact that (IVAN)'s breakthrough heavy-oil to light-oil conversion [HTL] technology will have in a historical sense is that the raise drew a strategic investment from an (unnamed) significant sovereign wealth fund. Keeping in mind that (Friedland's) Ivanhoe Mines (IVN) 79% owned South Gobi Energy Resources recently received $500 million from the Chinese Sovereign Wealth Fund. Yesterday's press release stated that (IVAN)'s money raise also included numerous top-tier North American institutions.*
So, can you see the "back-story" that this fact filled announcement brings to (IVAN) and how it enhances the already astonishing story? The HTL technology, while yet almost unknown to the man on the street, is gaining ever more interest (and money). Some of the world’s most well known financial institutions and mutual funds are ever increasing their ownership. Robert Friedland, who has long been the largest shareholder, a couple of years ago took the helm as CEO to bring the technology to fruition. Think about it.
In a September 16, 2009 Conference Call Mr. Friedland said: We remain in detailed and active discussions, with numerous such potential strategic partners, regarding our actual and potential projects. As you all know, we have a corporate structure that allows us to engage partnerships, or other financing, at the project level, or at the country level, or at the regional level, or at the top corporate level which is Ivanhoe Energy, the public company itself. Emphasis mine… I believe that I recall the “numerous” number to be 17.
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