Ivanhoe Electric Inc. (IE): debt financing — Ivanhoe Electric signs $120.5M deal to acquire 6,205 acres for Santa Cruz Copper Project

Ivanhoe Electric Inc.

Acquires 6,205 acres of private land and water rights in Pinal County, Arizona for $120.5M.
Payment: $5M deposit, $34.3M at closing (May 2023), $34.3M six months later, then four $13M annual installments at Prime+1%.
Closing expected on or before May 23, 2023; seller gets 15-year right of first refusal on the property.
Land is for the Santa Cruz Copper Project near Casa Grande; Ivanhoe also holds option to acquire mineral rights by 2024.
If mine construction starts before final payment, full outstanding balance becomes due immediately.

item 1.01 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Ivanhoe Electric Inc. incurred loan with Wolff-Harvard Ventures, LLC at prime plus 1%.

Instrument: loan
Counterparty: Wolff-Harvard Ventures, LLC
Rate: prime plus 1%
Event: incurrence

Exact text from the filing

The Second Payment and the Remaining Balance shall be secured by a promissory note and a deed of trust substantially in the form attached to the Agreement, with an interest rate of prime plus 1%.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ivanhoe Electric Inc. entered into Purchase and Sale Agreement with Wolff-Harvard Ventures, LLC valued at $120.5 million (effective 2023-05-10).

Action: entry
Agreement: asset purchase
Counterparty: Wolff-Harvard Ventures, LLC
Value: $120.5 million
Effective: 2023-05-10

Exact text from the filing

On May 10, 2023, Mesa Cobre Holding Corporation (“Mesa Cobre”), a wholly-owned subsidiary of Ivanhoe Electric Inc. (the “Company”), entered into a binding Purchase and Sale Agreement (the “Agreement”) with Wolff-Harvard Ventures, LLC (“Wolff-Harvard”).

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Ivanhoe Electric Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-006121

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