Ivanhoe Electric announces Ma’aden subscription under top-up right

Ivanhoe Electric announced that Ma’aden, the Company’s Joint Venture partner in Saudi Arabia and a 9.9% shareholder, has formally subscribed under its top-up right, as described in the Joint Venture closing news release on July 6, 2023. By exercising its top-up right, Ma’aden maintains its 9.9% ownership in Ivanhoe Electric common stock following the Company’s follow-on equity offering in September. Ma’aden will purchase an additional 1,513,650 common shares at $13.50 per share for total gross proceeds of $20,434,275. There are no fees or commissions payable on the Ma’aden subscription, which is expected to close on October 31, 2023, subject to customary closing conditions, including receipt of stock exchange approvals. Ivanhoe Electric intends to use the proceeds to advance its US mineral projects, for working capital and general corporate purposes.