Ivanhoe Taps Investors Including Friedland to Fund MinesSimon Casey
Ivanhoe Mines Ltd., the mining company founded by Robert Friedland, agreed to sell shares and share warrants for a total of about C$150 million ($138 million) to fund the development of two projects in the Democratic Republic of Congo.
Ivanhoe sold shares and warrants in a so-called bought deal for C$125 million, the Canadian company said today in a statement. The sale was underwritten by BMO Capital Markets, Canadian Imperial Bank of Commerce and Macquarie Group Ltd.
In a separate transaction, the company said it will also sell about C$25 million of stock and warrants to Friedland.
Ivanhoe said May 15 it’s weighing options including the spinoff of its Congo assets and its South African platinum assets into separate companies. China National Gold Group Corp. is in talks to buy a stake in Ivanhoe’s Kamoa copper project in the Congo, people with knowledge of the matter said in March.