Ivanhoe Australia Ltd. Completes Retail Component of Entitlement Offer
19.12.2012 | Marketwire
MELBOURNE, AUSTRALIA -- (Marketwire - Dec. 18, 2012) - Ivanhoe Australia Limited (TSX:IVA) (ASX:IVA) ("Ivanhoe Australia" or the "Company") is pleased to announce the completion of the retail component of its accelerated non-renounceable entitlement offer ("Entitlement Offer") which was announced on 21 November 2012.Under the Entitlement Offer, eligible shareholders were invited to participate pro-rata to their existing holdings by subscribing for 3 new Ivanhoe Australia ordinary shares ("New Shares") for every 10 existing Ivanhoe Australia ordinary shares, at a price of A$0.48 ("Offer Price") per New Share.
Under the retail component of the Entitlement Offer ("Retail Entitlement Offer"), which was not underwritten, Ivanhoe Australia received applications from eligible retail shareholders for approximately 1.7 million New Shares, raising approximately A$0.82 million. In total, approximately A$76 million of gross proceeds were raised under the Entitlement Offer.
"We are pleased with the overall outcome of the Entitlement Offer", Ivanhoe Australia's Chief Executive Officer, Inés Scotland said, "We appreciate the support of our institutional and retail shareholders who subscribed for New Shares in the offer."
"It is pleasing to finish off the year with a strong, debt-free balance sheet and the knowledge that our Osborne operations are performing above plan. With the funds from the Entitlement Offer and the ongoing revenue stream from Osborne, we will proceed into 2013 in a very strong financial position," Ms Scotland said.
New Shares will be issued under the Retail Entitlement Offer on Thursday 20 December 2012 and will commence normal trading on the Australian Securities Exchange on Friday 21 December 2012. Holding statements will be dispatched from Friday 21 December 2012.
Ivanhoe Australia reserves the right to place at its discretion any entitlements not taken up within three months after the close of the Retail Entitlement Offer.
Contact Information
Ivanhoe Australia Limited
Stephen Nossal, Senior VP Corporate Development
+61 3 9090 8800
stephenn@ivancorp.net
www.ivanhoeaustralia.com