Baker Steel Resources Trust Ltd Doc re Ivanhoe Financing (6869O)
September 23 2013 - 11:51AM
UK Regulatory
TIDMBSRT
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 +44 20 7389 8237
Francis Johnstone
Trevor Steel
Numis Securities Limited +44 20 7260 1000
David Benda (corporate)
James Glass (sales)
Pelham Bell Pottinger
Lorna Spears +44 20 7861 3883
Joanna Boon +44 20 7861 3867
This information is provided by RNS
The company news service from the London Stock Exchange
END
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