Key Developments: Ivanhoe Energy Inc (IVAN.PH)
1.44USD
21 May 2013
$0.00 (+0.00%)
$1.44
$1.46
$1.47
$1.44
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Latest Key Developments (Source: Significant Developments)
Ivanhoe Energy Inc And SBM Offshore Sign Alliance For Development Of Un-tapped Offshore Heavy Oil Resources
Ivanhoe Energy Inc and SBM Offshore (SBM) announced that they have formed a global strategic alliance (Alliance), to create Floating, Production, Upgrading, Storage and Offloading vessels (FPUSO's). The two companies have combined their respective technologies and experience to produce a design for offshore facilities that will economically produce and upgrade heavy oil from offshore fields with crude oil quality down to 10°API gravity, or lower. Full Article
Ivanhoe Energy Inc Closes Sale Of Pan-China Resources Ltd.
Ivanhoe Energy Inc announced that it has closed the previously announced Share Purchase and Sale Agreement with MIE Holdings Corporation (MIE) for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources Ltd. In exchange for its indirect wholly-owned subsidiary, Ivanhoe Energy will receive the $45 million purchase price, less adjustments. Per the terms of the Agreement, initial proceeds of approximately $35.6 million were delivered on closing and the Company will receive the remainder within six months. Ivanhoe Energy expects to complete the transaction to divest the Zitong asset by the end of 2012. Full Article
Ivanhoe Energy Inc Announces Sale Of Pan-China Resources Ltd To MIE Holdings Corp
Ivanhoe Energy Inc announced that it has signed a Share Purchase and Sale Agreement with MIE Holdings Corp (MIE) for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources Ltd., in exchange for a cash consideration of $45 million. Pan-China Resources holds 100 % of the foreign contractor's rights for the Dagang Production Sharing Contract. The transaction has an effective date of September 30, 2012 and is subject to standard industry closing conditions, including a USD$5 million hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days. Full Article
Ivanhoe Energy Inc. Announces Change In Executive Leadership
Ivanhoe Energy Inc. announced that David Dyck has resigned from his position as President and COO, effective July 31, 2012. Full Article
Ivanhoe Energy Inc. Announces Closing Of $50 Million Public Offering Of Convertible Unsecured Subordinated Debentures
Ivanhoe Energy Inc. announced that it confirmed the closing of its previously announced bought deal public offering of $50,000,000 principal amount of 5.75% convertible unsecured subordinated debentures at a price of $1,000 per Debenture. The Public Offering was underwritten by a syndicate led by TD Securities Inc. and included Macquarie Capital Markets Canada Ltd., RBC Dominion Securities Inc., UBS Securities Canada Inc., CIBC World Markets Inc. and Byron Capital Markets Ltd. In connection with the Public Offering, Ivanhoe Energy granted the underwriters an over-allotment option to purchase up to an additional $7,500,000 aggregate principal amount of Debentures at the same price, exercisable in whole or in part at any time for a period of 30 days following June 9, 2011. Ivanhoe Energy will use the net proceeds of the Public Offering for repayment of the $40,000,000 Convertible Promissory Note due to Talisman Energy Canada, operating expenses, capital expenditures on its properties and facilities and corporate and/or asset acquisitions, if any. The Company also announced it has sold, on a private placement basis and on the same terms as the Public Offering, over $23,000,000 principal amount of Debentures to certain directors, officers, insiders and other non-insiders, including Ivanhoe's Executive Co-Chairman & CEO, Robert M. Friedland. All Debentures sold in the Public Offering and Private Placement will mature on June 30, 2016. Full Article
UPDATE 1-Blackstone, Canadian fund buy more of Gecina's debt
* Follows Gecina's Spanish shareholders' bankruptcy filing
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