Ivanhoe Electric signs $126.5M strategic investment & JV with Ma'aden

Ivanhoe Electric Inc.

Ma'aden to invest $126.5M for 9.9% stake at $12.38/share; $66M funds 50/50 Saudi JV.
JV to explore ~48,500 km² using Typhoon geophysical system; Ivanhoe Electric operator during exploration.
Ma'aden gets board seat, top-up right to maintain 9.9%, five-year standstill limiting stake to 19.9%.
Closing expected by end of Q2 2023, subject to NYSE approval and Saudi regulatory formalities.
Ivanhoe Electric retains ~$60.5M for US projects and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Ivanhoe Electric Inc. entered into Common Stock Subscription Agreement with Saudi Arabian Mining Company Ma’aden (Ma’aden) valued at $126.5 million (effective 2023-05-15).

Action: entry
Agreement: equity purchase
Counterparty: Saudi Arabian Mining Company Ma’aden (Ma’aden)
Value: $126.5 million
Effective: 2023-05-15

Exact text from the filing

On May 15, 2023, Ivanhoe Electric Inc. (the “Company”) entered into a Common Stock Subscription Agreement (the “Agreement”) with Saudi Arabian Mining Company Ma’aden (“Ma’aden”), the largest multi-commodity mining and metals company in the Middle East, pursuant to the Heads of Terms previously disclosed in the Company’s Form 8-K filed on January 11, 2023.

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Ivanhoe Electric Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-006425

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