Ivanhoe Energy has now received in treasury the net proceeds from the C$125 million Special Warrants private placement that closed January 26, 2010. An additional C$25 million of Special Warrants are under option on the same terms, and may be issued, in whole or in part, on or before February 24, 2010. If all of these additional Special Warrants are issued, the total proceeds of the private placement, net of banking fees, will be approximately C$146 million.
The proceeds from this placement will be used to advance Ivanhoe Energy's key projects, Tamarack in Canada and Pungarayacu in Ecuador, and for general corporate purposes.
This placement was executed with North American institutional investors and a significant sovereign wealth fund. Ivanhoe Energy's institutional ownership, exclusive of management, is now approximately 50 percent of the company's outstanding shares.
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