Ivanhoe Electric Inc. (NYSE American:IE) entered into an underwriting agreement for a public offering of 10,000,000 shares of its common stock at $15.00 per share, anticipating net proceeds of approximately $144 million.
The company also granted underwriters an option to purchase up to an additional 1,500,000 shares of common stock within 30 days from the date of the agreement. If this option is fully exercised, the net proceeds could reach approximately $165 million, after deducting underwriting discounts and estimated offering expenses.
Ivanhoe Electric intends to allocate the net proceeds from this offering to complete remaining payments owed from the purchase of land at its Santa Cruz Copper Project in Arizona. Proceeds will also fund early development activities at the Santa Cruz Copper Project, support exploration activities at current projects and joint ventures, and be used for other working capital and general corporate purposes.
BMO Capital Markets Corp. is serving as the representative of the underwriters for the offering, which is expected to close on October 23, 2025, subject to customary closing conditions.
