CALGARY, Feb. 12 /CNW/ - Robert Friedland, Co-Chairman, President and Chief Executive Officer of Ivanhoe Energy Inc. (TSX: IE: NASDAQ: IVAN) is pleased to announce the company has now received in treasury the net proceeds from the Cdn$125 million Special Warrants private placement that closed January 26, 2010. An additional Cdn$25 million of Special Warrants are under option on the same terms, and may be issued, in whole or in part, on or before February 24, 2010. If all of these additional Special Warrants are issued, the total proceeds of the private placement, net of banking fees, will be approximately Cdn$146 million.
The proceeds from this placement will be used to advance Ivanhoe Energy's key projects, Tamarack in Canada and Pungarayacu in Ecuador, and for general corporate purposes.
This placement was executed with North American institutional investors and a significant sovereign wealth fund. Ivanhoe Energy's institutional ownership, exclusive of management, is now approximately 50 percent of the company's outstanding shares.
Ivanhoe Energy Inc. is an independent, international heavy-oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process (HTL(TM)). Core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide. Ivanhoe Energy's shares trade on the NASDAQ Capital Market with the ticker symbol IVAN and on the Toronto Stock Exchange under the symbol IE.
For more information about Ivanhoe Energy Inc. please visit our web site at www.ivanhoeenergy.com.
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 ultimate size of the private placement and the proposed use of proceeds. When used in this document, words such as "could", "plan", "expect", "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 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 Company will be unable to raise financing 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.
SOURCE Ivanhoe Energy Inc.
For further information: For further information: David Dyck: (403) 817-1138; Ian Barnett: (647) 203-6588; Dorreen Miller: (403) 817-1108; firstname.lastname@example.org