Ivanhoe Electric slides on $60 mln equity offering

Ivanhoe Electric

12/02/2025 13:11

** Shares of metals miner Ivanhoe Electric  IE.N  down 6.4%
premarket to $5.53, a record low, after follow-on offering
priced
** Arizona-based firm late Tues announced ~10.3 mln units,
comprising one share and one warrant, at $5.85 for $60 mln gross
proceeds
    ** Deal size increased from $50 mln, priced at 1% discount
to stock's last sale
    ** Each 12-month warrant exerciseable to purchase an
additional share at $7
    ** Co intends to use net offering proceeds on preliminary
feasibility study for the Santa Cruz project in Arizona, land
acquisition payment, exploration activities, general purposes
    ** BMO sole bookrunner
    ** With ~120.8 mln shares outstanding, co has $714 mln
market cap
** Through Tues, shares down 22% YTD following 25% drop in 2024

(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@tr.com 1-646-279-6380))