Vancouver — Robert Friedland-led Ivanhoe Mines, (IVN-T) reports that that the company has closed a $60 million (US$38.4 million) private-placement financing. The proceeds will be put towards advancing the company’s Turquoise Hill gold and copper discovery in Mongolia to the feasibility-study stage as well as to fund the company’s exploration programs in Asia.
The financing consists of 20 million special warrants at a price of $3.00 each. Each special warrant entitles the holder to acquire one common share of Ivanhoe, at no additional cost, following the clearance of a prospectus in Canada and Australia or four months after the closing date, which ever occurs first.
Ivanhoe has now arranged about $175 million in equity financing to fund the company’s exploration and development programs since discovering the gold and copper porphyry deposit in Mongolia.
In addition to its Mongolia project, Ivanhoe also produces copper from its Monywa joint venture in Myanmar, iron ore products from ABM Mining’s Savage River mine in Australia and gold and silver from the Silver Hill mine in South Korea. Ivanhoe also has am 80-20% joint venture with Pacific Minerals (PMZ-V) to explore for and develop gold, copper and platinum-group minerals in China.
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