Ma’aden is a multi-commodity mining and metals company based in the Middle East. Ma’aden says its goal is to develop the mining industry into the third pillar of the Saudi economy in line with the country's Vision 2030.
Ivanhoe Electric, which announced the funding today, expects to issue approximately 10.2 million common shares to Ma’aden, representing 9.9% of common shares outstanding, at a purchase price of $12.38 per share for gross proceeds of $126.5 million. The funds will be allocated with $66 million to go to a joint venture to fund exploration activities, including the purchase of three new-generation Typhoon machines, a proprietary geophysical surveying system to be deployed on ~48,500 km2 of the Arabian Shield.
The remaining $60 million will be retained by Ivanhoe Electric to advance its portfolio of US mineralFollow @kitconewsnow newsfeedback@kitco.com www.kitco.com