top of page

Ivanhoe Mines acquires 5% stake in Renergen

Renergen has announced a strategic investment into the company by Ivanhoe Mines Limited, which is a Southern Africa focused, Canadian-listed mining company with >US$10bn market capitalisation. Ivanhoe has purchased a 4.35% stake in Renergen for US$13.3mm at A3.24/sh and will nominate a member of the Renergen board. The strategic agreement envisages Ivanhoe increasing its stake in Renergen to 25% subject to due diligence over the next four months at a price based on 90% of the 30-day VWAP, reducing the dilution impact on existing shareholders if the share price rises from the current level. There is a further agreement that Ivanhoe is entitled to increase its holding to up 55% to provide development equity funding of up to US$250mm for the project again at 90% of the 30-day VWAP. Ivanhoe shall be entitled to nominate one board member. As part of the strategic cooperation between the parties, it has been agreed, that Ivanhoe will have the option to settle the Second Subscription by issuing INV Shares, which further enhances the co-operation between the parties.

Want to read more?

Subscribe to akapenergy.com to keep reading this exclusive post.

Recent Posts

See All

Avanti Helium Appoints Brad Krizan to the Board

Avanti Helium has appointed Brad Krizan as an independent member of its Board of Directors, effective immediately. Brad brings extensive experience from various sectors, including roles in regulatory

Comments

Couldn’t Load Comments
It looks like there was a technical problem. Try reconnecting or refreshing the page.
bottom of page