TORONTO, CANADA – Ivanhoe Mines (TSX: IVN; OTCQX: IVPAF) (the “company”) today announced that it has commenced a private placement offering of US$500,000,000 aggregate principal amount of convertible senior notes due 2026 (the “Notes” and the “Offering”). The company intends to grant the initial purchasers of the Notes an option to purchase up to an additional US$75,000,000 aggregate principal amount of Notes, exercisable in whole or in part at any time until 13 days after the closing of the Offering.
The Notes will be senior unsecured obligations of the company. The Notes will accrue interest payable semi-annually in arrears and will mature on April 15, 2026, unless earlier repurchased, redeemed or converted.
The Notes will be convertible at the option of holders, prior to the close of business on the business day immediately preceding October 15, 2025, only under certain circumstances and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Upon conversion, the Notes may be settled, at the company’s election, in cash, Class A common shares (“Common Shares”) of the company or a combination thereof. The Notes will not be redeemable at the company’s option prior to April 22, 2024, except upon the occurrence of certain tax law changes. On or after April 22, 2024 and on or prior to the 41st scheduled trading day immediately preceding the maturity date, the Notes will be redeemable at the company’s option if the last reported sale price of the company’s Common Shares has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30-consecutive-trading-day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
The interest rate, initial conversion rate and other terms of the Notes will be determined at the time of pricing of the Offering.
Completion of the Offering will be subject to various conditions, including the approval of the Toronto Stock Exchange.
The company intends to use the net proceeds from the Offering (including any net proceeds from the sale of any additional Notes that may be sold should the initial purchasers exercise their option to purchase additional Notes) for general corporate purposes.
The Notes will be offered on a private placement basis and will not be offered by way of a prospectus in Canada. The Notes and the distribution of Common Shares issuable upon conversion of the Notes have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and the rules promulgated thereunder and applicable state securities laws. The Notes will be offered to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer, solicitation or sale in the United States or in any other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration and qualification under the securities laws of such state or jurisdiction. The Offering may be made only by means of an offering memorandum.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal joint-venture projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the DRC and at the Platreef palladium-platinum-nickel-copper-rhodium-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Kamoa-Kakula is expected to begin producing copper concentrate in July 2021 and, through phased expansions, is positioned to become one of the world’s largest copper producers. Kamoa-Kakula and Kipushi will be powered by clean, renewable hydro-generated electricity and Kamoa-Kakula will be among the world’s lowest greenhouse gas emitters per unit of metal produced. Ivanhoe also is exploring for new copper discoveries on its wholly-owned Western Foreland exploration licences in the DRC, near the Kamoa-Kakula Project.
Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034
Cautionary statement on forward-looking information
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release. Such statements include without limitation, the company’s expectations with respect to the form and terms of the Offering, completion of the Offering, and the expected use of proceeds therefrom.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, risks related to the company’s ability to consummate the Offering on the terms described or at all; the fact that the company’s management will have broad discretion in the use of the proceeds from the Offering; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
加拿大多伦多 — 艾芬豪矿业 (TSX: IVN; OTCQX: IVPAF) (以下简称“本公司”) 今天宣布，本公司已开始私募发行总额为5亿美元、2026年到期的高级可转债 (以下简称“债券”或“债券发行”)。本公司计划向债券的初始买方授予购买权，于债券发行后13天内任何时间行使全部或部分购买权，购买最多不超过总额7,500万美元的债券。
在2025年10月15日前一个工作日结束前，仅在某些情况下和特定时间，债券可根据持有人的选择进行兑换，此后，可随时兑换，直至到期日前第二个计划交易日结束。转换债券时，本公司可选择以现金、A类普通股 (以下简称“普通股”) 或其组合方式结算。本公司不得在2024年4月22日之前赎回债券 (除非某些税法有所修订)。2024年4月22日或之后，以及在到期日前第41个计划交易日或之前，如果在本公司提供赎回通知前的任何30个连续交易日 (包括该期间的最后一个交易日) 中至少有20个交易日 (不论是否连续) 普通股的收盘价格不低于当期转换价格的130%，本公司有权按将赎回债券面值100%加当期应计未付利息 (但不包括赎回日) 的赎回价格赎回债券。
债券发行有待各项条件达成后 (包括获多伦多证券交易所的批准) ，方告完成。
本公司计划，发行债券所得的净收入 (包括初始买方行使购买权购买额外债券所得的任何净收入) 将会用于一般企业用途。
债券将以私募方式发行，不会通过招股说明书在加拿大发行。债券或因转换债券而发行的普通股尚未且不会根据美国《1933年证券法》修订版 (以下简称“证券法”) 或任何州的证券法进行登记，除非根据《证券法》的注册要求及其下颁布的规则以及适用的州证券法得到豁免或在不受其约束的交易中进行，否则不得在美国发行或出售。债券发行的对象为《证券法》第144A条被合理认为属合格机构买方的人员。
艾芬豪矿业是一家加拿大的矿业公司，目前正推进旗下位于南部非洲的三大合资企业项目﹕位于刚果(金)的卡莫阿-卡库拉 (Kamoa-Kakula) 铜矿和位于南非的普拉特瑞夫 (Platreef) 钯-铂-镍-铜-铑-金矿的大型机械化地下矿山开发工程，以及同样位于刚果(金)、久负盛名的基普什 (Kipushi) 锌-铜-锗-银矿的大型重建和改善工程。
卡莫阿-卡库拉预计将于2021年7月实现铜精矿生产，并分阶段进行扩建，预计将会成为全球最大规模的铜生产商之一。卡莫阿-卡库拉和基普什将使用清洁、可再生的水电，卡莫阿-卡库拉将成为全球每单位金属温室气体排放量最低的矿山之一。同时，艾芬豪正在刚果(金)境内其全资拥有、毗邻卡莫阿-卡库拉项目的西部前沿 (Western Foreland) 探矿权内寻找新的铜矿资源。
投资者﹕Bill Trenaman +1.604.331.9834 / 媒体﹕Matthew Keevil +1.604.558.1034