VANCOUVER, March 29 /CNW/ - Ivanhoe Energy Inc. (NASDAQ: IVAN and TSX:
IE) has agreed to extend the expiry date of 4,100,000 common share purchase
warrants to purchase 4,100,000 common shares issued in connection with a
Cdn $12.7 million non-brokered private placement special warrant financing
that closed on April 15, 2005.
Ivanhoe Energy has agreed that the warrants, which were to have expired
on April 15, 2007, will be extended, subject to the approval of the Toronto
Stock Exchange, until the earlier of: (i) April 15, 2008; and (ii) thirty days
following the date the closing trading price of the common shares of Ivanhoe
Energy on the Toronto Stock Exchange exceeds the exercise price of the
warrants for a period of five consecutive trading days.
Subject to the Toronto Stock Exchange approval, effective April 15, 2007,
the holders of the warrants may exercise the warrants at the original exercise
price of Cdn. $3.50 per common share until the new expiry date. All of the
warrant holders are arm's length investors. No other terms have been affected.
Ivanhoe Energy is an independent international oil and gas development
and production company focused on pursuing long-term growth in its reserves
and production using advanced technologies, including its proprietary heavy
oil upgrading process (HTL). Core operations are in the United States and
China, with business development opportunities worldwide. Ivanhoe Energy
trades on the NASDAQ Capital Market with the ticker symbol IVAN and on the
Toronto Stock Exchange with the symbol IE.
FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements, including forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
include, but are not limited to, statements which are not historical facts.
When used in this document, the words such as "could," "plan," "estimate,"
"expect," "intend," "may," "potential," "should," and similar expressions
relating to matters that are not historical facts are forward-looking
statements. Although Ivanhoe Energy believes that its expectations reflected
in these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results will
be consistent with these forward-looking statements. Important factors that
could cause actual results to differ from these forward-looking statements
include risks disclosed in Ivanhoe Energy's Annual Report on Form 10-K filed
with the U.S. Securities and Exchange Commission on EDGAR and the Canadian
Securities Commissions on SEDAR.
For further information:
For further information: Cindy Burnett, (604) 331-9830, Website: