Ivanhoe Electric Announces Signing of Subscription Agreement Ma'aden's Additional Funding Increases the Total Size of the Recent Equity Offering to Approximately $204 Million
PHOENIX, AZ / ACCESSWIRE / October 23, 2023 / Ivanhoe Electric (NYSE American:IE)(TSX:IE) Executive Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin are pleased to announce that Ma'aden, the Company's Joint Venture partner in Saudi Arabia and a 9.9% shareholder, has formally subscribed under its top-up right, as described in the Joint Venture closing news release on July 6, 2023. By exercising its top-up right, Ma'aden maintains its 9.9% ownership in Ivanhoe Electric common stock following the Company's follow-on equity offering in September.
Ivanhoe Electric Announces Signing of Subscription Agreement by Saudi Arabian Mining Company Ma'aden to Exercise its Top-up Right (accesswire.com)