Doc re Ivanhoe Financing

RNS Number : 6869O

Baker Steel Resources Trust Ltd

23 September 2013

 



BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

23 September 2013

Ivanhoe announces that it has agreed on terms for a non-brokered, common share, private placement financing with a group of investors at C$2.00 per Ivanhoe Share

Baker Steel Resources Trust Limited (the "Company") notes that Ivanhoe Mines (TSX: IVN; formerly Ivanplats) ("Ivanhoe") announced today that it has agreed the terms for a non-brokered, common share, private-placement financing with a group of investors (not including the Company).

Under the agreed terms, Ivanhoe will issue no less than 50 million new Class A common shares ("common shares") at C$2.00 per share to raise a total of C$100 million - and will potentially  issue up to a total of 54 million common shares, which would raise up to C$108 million. Robert Friedland, Ivanhoe's Executive Chairman, will subscribe for C$25 million of the offering, approximately pro rata to his current holding in Ivanhoe.

The proceeds from the financing will be used to further advance the development of Ivanhoe's Kamoa copper discovery and its Kipushi zinc-copper-lead-germanium-precious metals project, and for general corporate purposes.

Ivanhoe also noted that, as previously disclosed, confidential discussions and the conduct of due diligence are continuing with a select number of leading international, private and state-owned mining companies that have expressed interest in participating in Ivanhoe's assets, both at the project and corporate levels.

At 30 August 2013, the Company held approximately 1.7% of the shares of Ivanhoe, equivalent to 20.4% of the Company's NAV. The majority of these shares are subject to lock-up arrangements and are held at a 10% discount to the listed price on the TSX. The closing price of Ivanhoe shares on the TSX on 30 August 2013 was C$1.96 per share.

The full announcement by Ivanhoe is available on its website: www.ivanhoemines.com

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com 

Enquiries:

Baker Steel Resources Trust Limited                [phone]

Francis Johnstone
Trevor Steel

Numis Securities Limited                                   [phone]

David Benda (corporate)

James Glass (sales)

Pelham Bell Pottinger

Lorna Spears                                                    [phone]

Joanna Boon                                                     [phone]

 

END

 

 

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