Ivanhoe Electric's VRB Energy signs binding JV term sheet; Red Sun to invest $55M, 51/49 split

Ivanhoe Electric Inc.

Red Sun to invest $55M total: $20M for VRB Energy shares and $35M capital increase into VRB China JV.
After closing, Red Sun owns 51%, VRB Energy 49% of the JV; Ivanhoe Electric to use $20M to establish US battery manufacturing in Arizona.
JV to operate two China production lines (300 MW in Shanxi, 200 MW in Hunan) and electrolyte plant; expected close Q4 2024.
VRB Energy to restructure IP, giving JV rights for Asia/Middle East/Africa and VRB USA rights for Americas/Europe.
Conditions include definitive agreements, Chinese regulatory approvals, and conversion of BCPG convertible note.

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