VANCOUVER, Feb. 11, 2015 /PRNewswire/ - Ivanhoe Energy Inc.
(TSX: IE; NASDAQ: IVAN) (TSX: IE.DB) announced today that the
company has entered into an agreement with founder Robert Friedland to provide the company with a
further US$2.37 million
(approximately C$3.0 million) secured
bridge loan.
The new funds to be received from Mr. Friedland are in addition
to the US$2.2 million (approximately
C$2.8 million) secured bridge loan
provided by Mr. Friedland in October
2014, details of which are contained in Ivanhoe Energy's
October 10, 2014 news release, and an
additional US$540,000 secured bridge
loan in December 2014, details of
which are contained in Ivanhoe Energy's December 30, 2014 news release, and brings the
principal amount of Mr. Friedland's secured bridge loan to
US$5.11 million.
All of the loan will be used to satisfy current obligations,
including significant statutory severance payments in Ecuador and to reduce the company's trade
payables.
The company will make additional disclosure respecting the
status of its strategic and financial review process once the board
of directors decides to pursue a specific transaction or series of
transactions or otherwise determines that disclosure is necessary
or appropriate. There can be no assurance that the current process
will result in a transaction or, if a transaction is undertaken,
that it will be successfully concluded in a timely manner or at
all.
Ivanhoe Energy is an independent international heavy oil
exploration and development company focused on pursuing long-term
growth using advanced technologies, including its proprietary heavy
oil upgrading process (HTL®). Ivanhoe Energy trades on
the Toronto Stock Exchange with the ticker symbol IE and on the
NASDAQ Capital Market with the ticker symbol IVAN. For more
information about Ivanhoe Energy Inc. please visit
www.ivanhoeenergy.com.
SOURCE Ivanhoe Energy Inc.