Ivanhoe Electric Closes $69 Million Public Offering

Ivanhoe Electric Inc. has successfully completed a public offering of 11,794,872 Units at a price of $5.85 each, raising approximately $69 million. Each Unit consists of one share of common stock and one warrant, with the warrants exercisable at $7.00 per share for 12 months. The proceeds from the offering will be allocated towards a preliminary feasibility study for the Santa Cruz Project, land acquisition, drilling, and other corporate purposes. The offering was managed by BMO Capital Markets, and a registration statement was previously filed with the SEC. This public offering reflects Ivanhoe's strategy to enhance its exploration capabilities and market position in the electric industry. The closing of the offering took place on February 14, 2025, following the exercise of the underwriter's option for additional Units.