Brief: Ma'aden Signs Heads Of Terms Agreement With Ivanhoe Electric To Acquire 9.9% Shares

Ivanhoe Electric

11/01/2023 05:53

Jan 11 (Reuters) - SAUDI ARABIAN MINING COMPANY
 1211.SE :
    * SIGNING OF A HEADS OF TERMS AGREEMENT WITH IVANHOE
ELECTRIC INC.
(IE)
    * AGREEMENT WITH IVANHOE ELECTRIC TO ACQUIRE 9.9% SHARES OF
COMMON
STOCK & FORMATION OF EXPLORATION JOINT VENTURE IN SAUDI
    * CLOSING OF TRANSACTION IS EXPECTED TO BE BY END Q1 2023 AT
A
PRICE PER SHARE OF SAR 46.43 (USD 12.38)
    * TOTAL AMOUNT AROUND SAR 474 MILLION
    * MA’ADEN WILL FINANCE TRANSACTION FROM ITS OWN RESOURCES,
    * MA’ADEN WILL FORM A SAUDI JOINT VENTURE COMPANY TO BE
50:50
OWNED BY MA'ADEN AND IE TO EXPLORE AND DEVELOP MINING PROJECTS 
IN SAUDI
    * UNDER HOT, PROCEEDS PAID BY MA’ADEN FOR THE 9.9% EQUITY
INTEREST
IN IE WILL BE (I) INVESTED IN WORKING CAPITAL AND GENERAL
CORPORATE USE OF IE, (II) USED TO PURCHASE TYPHOON™ UNITS AND
(III) CONTRIBUTED TOWARDS THE EXPLORATION OF PROSPECTIVE LANDS
TO BE PROVIDED BY MA'ADEN FOR METALLIC MINERALS WITHIN THE
KINGDOM

Source text for Eikon:  ID:nSSE4p3ZbF 
Further company coverage:  1211.SE 
 ((Reuters.Briefs@thomsonreuters.com;))