Rio Tinto Completes Second Tranche Of Ivanhoe Investment
28 October 2009 - 6:47PM
Dow Jones News
Rio Tinto PLC (RIO.LN), a resources company, said Wednesday that
it has completed the second tranche of its investment in Ivanhoe
Mines Ltd. (IVN) increasing its ownership by 9.8% to 19.7% of
Ivanhoe's common shares.
MAIN FACTS:
-The second tranche consists of 46,304,473 common shares at a
subscription price of $8.38 per share for a total consideration of
$388.03 million.
-If Rio Tinto were to exercise and convert all of its remaining
warrants and securities of Ivanhoe, it would own 257,931,578 common
shares of Ivanhoe representing 43.1% of Ivanhoe's common
shares.
-Rio Tinto has no present intention of acquiring other
securities of Ivanhoe, except as regards its right to acquire
additional securities so as to maintain its proportional equity
interest in the future, or of disposing of any of the securities of
Ivanhoe which it holds.
-Depending upon its evaluation of Ivanhoe's business, prospects
and financial condition, the market for Ivanhoe's securities,
general economic and tax conditions and other factors, Rio Tinto
may acquire additional securities of Ivanhoe or sell some or all of
the securities it holds.
-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com