CALGARY, July 9 /CNW/ - Ivanhoe Energy Inc. (TSX: IE; NASDAQ: IVAN)
announced today that it has completed the C$88 million private placement that
was announced on June 6, 2008.
The financing, consisting of C$3.00 special warrants, will be used to
make the initial payment required under Ivanhoe Energy's agreement with
Talisman Energy Canada to acquire Talisman's interests in certain leases in
the Athabasca oilsands region in Alberta, Canada, as announced on May 29,
2008. The balance of the funds will be used for Ivanhoe Energy's planned
development activities on the acquired oilsands leases and for general working
The financing, originally targeted at C$50 million, subsequently was
increased to C$88 million due to significantly increased expressions of
interest from institutional investors.
Subject to regulatory approval and satisfaction of all conditions
precedent, the private placement is expected to close contemporaneously with
the closing of the acquisition of the oilsands leases on July 11th, 2008.
The securities offered were not registered under the U.S. Securities Act
of 1933 and could not be offered or sold in the U.S. without registration or
an applicable exemption from registration requirements.
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 concerning the Company's raising
of CA$88 million by way of a private placement of special warrants convertible
into common shares and its agreement with Talisman to acquire all of
Talisman's working interest in certain oilsands leases and other statements
that are not historical facts. When use in this document, the words such as
"could", "plan", "estimate", "anticipate", "intend", "may", "potential",
"should", and similar expressions relating to matters that are not historical
facts, are forward-looking statements. Although the Company 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 the possibility that the conditions of the
closing of the transaction with Talisman are not fulfilled and other 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: