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Ivanhoe Mines Announces Redemption of $575 Million 2.50% Convertible Senior Notes Due 2026

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Ivanhoe Mines announced the redemption of its $575 million 2.50% Convertible Senior Notes due 2026, reducing its debt to below $150 million. The redemption date is set for July 11, 2024, at a price equal to the principal amount plus accrued interest. Holders can choose to convert their notes before the redemption date at a specified conversion rate.

Ivanhoe Mines ha annunciato il rimborso delle proprie obbligazioni senior convertibili al 2,50% per un valore di 575 milioni di dollari in scadenza nel 2026, riducendo il suo debito a meno di 150 milioni di dollari. La data di rimborso è fissata per l'11 luglio 2024, al prezzo del valore nominale più gli interessi maturati. I detentori possono scegliere di convertire le loro obbligazioni prima della data di rimborso a un tasso di conversione specificato.
Ivanhoe Mines anunció la redención de sus Notas Senior Convertibles del 2.50% por un valor de 575 millones de dólares con vencimiento en 2026, reduciendo su deuda a menos de 150 millones de dólares. La fecha de redención está programada para el 11 de julio de 2024, a un precio igual al monto principal más los intereses acumulados. Los tenedores pueden optar por convertir sus notas antes de la fecha de redención a una tasa de conversión especificada.
Ivanhoe Mines는 2026년에 만기가 도래하는 5억 7500만 달러 규모의 2.50% 전환 가능 선순위 채권을 상환한다고 발표했습니다. 이에 따라 회사의 부채는 1억 5000만 달러 미만으로 감소하였습니다. 상환 일자는 2024년 7월 11일로 설정되어 있으며, 가격은 원금과 누적 이자를 합한 금액과 같습니다. 채권 소유자는 상환 일자 전에 정해진 전환율로 채권을 전환할 수 있습니다.
Ivanhoe Mines a annoncé le remboursement de ses obligations convertibles seniors de 575 millions de dollars à 2,50% échéant en 2026, réduisant ainsi sa dette à moins de 150 millions de dollars. La date de remboursement est fixée au 11 juillet 2024, à un prix égal au montant principal plus les intérêts courus. Les détenteurs peuvent choisir de convertir leurs obligations avant la date de remboursement à un taux de conversion spécifié.
Ivanhoe Mines gab die Rückzahlung seiner 2,50%igen Wandelanleihen im Wert von 575 Millionen Dollar, fällig 2026, bekannt, wodurch sich die Verschuldung auf unter 150 Millionen Dollar verringerte. Das Rückzahlungsdatum ist für den 11. Juli 2024 festgelegt, zu einem Preis in Höhe des Nennwerts zuzüglich aufgelaufener Zinsen. Die Inhaber können ihre Anleihen vor dem Rückzahlungstermin zu einem festgelegten Umrechnungskurs umwandeln.
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Ivanhoe will reduce debt to below $150 million following redemption of the convertible notes

Vancouver, British Columbia--(Newsfile Corp. - April 30, 2024) - Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) ("Ivanhoe Mines" or the "Company") today announced that it will redeem all of its outstanding 2.50% Convertible Senior Notes due 2026 (the "Notes") on July 11, 2024 (the "Redemption Date") at a price equal to 100% of the principal amount of the Notes redeemed plus accrued and unpaid interest on such Notes to, but not including, the Redemption Date (the "Redemption Price"). As at April 29, 2024, there was US$575 million aggregate principal amount of the Notes outstanding. The Company will settle any conversions solely in Shares, except that any fractional shares that would otherwise be deliverable will be paid out in cash.

To receive payment of the Redemption Price, any certificated Notes must be surrendered to Wilmington Savings Fund Society, FSB, as the paying agent and conversion agent, at 500 Delaware, Wilmington, Delaware 19801, Attention: Administrator for Ivanhoe Mines Ltd., on or prior to the Redemption Date. Any Notes in book-entry form must be surrendered through the facilities of The Depository Trust Company in the usual manner to be paid the Redemption Price.

In lieu of surrendering their Notes for redemption, holders may elect to convert their Notes at any time before the close of business on Wednesday, July 10, 2024 (or, if the Company fails to pay the Redemption Price due on the Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full).

The conversion rate for all conversions of Notes on or after today and before the Redemption Date is 138.7073 shares of Class A Shares of the Company ("Shares") per US$1,000 principal amount of Notes. This conversion rate includes an increase of 4.1391 additional Shares per US$1,000 principal amount of Notes above the conversion rate as the Notes are called for redemption (calculated based on a ten-day average closing share price of C$19.2520, or US$14.0363 at the prevailing exchange rate of C$1.3717 to US$1.00). This conversion rate will remain subject to adjustment in accordance with the indenture governing the Notes from time to time for certain events.

Holders of Notes are encouraged to consult their applicable financial institution to obtain advice regarding the redemption or conversion process. This press release is for informational purposes only and does not constitute a notice of redemption of the Notes or an offer to sell or a solicitation to buy the securities in any jurisdiction. No representation is made as to the correctness or accuracy of the CUSIP numbers contained in this press release or printed on the Notes.

About Ivanhoe Mines

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the construction of the tier-one Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa; and the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Ivanhoe Mines also is exploring across circa 2,650 km2 of highly prospective, 60-100% owned exploration licences in the Western Forelands, located adjacent to the Kamoa-Kakula Copper Complex in the DRC. Ivanhoe is exploring for new sedimentary copper discoveries, as well as expanding and further defining its high-grade Makoko, Kiala, and Kitoko copper discoveries.

Information contact

Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on X.

Information Contact

Investors

Vancouver: Matthew Keevil +1.604.558.1034

London: Tommy Horton +44 7866 913 207

Media

Tanya Todd +1.604.331.9834

Cautionary Statement on Forward-Looking Information

Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including statements relating to redemption of the Notes and conversion of the Notes. These forward-looking statements are based on current expectations and assumptions, are subject to change, and actual results may differ materially. Factors that could cause actual results to differ materially include those relating to difficulties, delays or unexpected costs related to, or the Company's inability to consummate, the redemption of the Notes and other risks described in the Company's MD&A for the three months ended March 31, 2024 and its current annual information form. All forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207389

FAQ

When is Ivanhoe Mines redeeming its 2.50% Convertible Senior Notes due 2026?

Ivanhoe Mines will redeem all of its outstanding 2.50% Convertible Senior Notes on July 11, 2024.

What is the redemption price for the Notes?

The redemption price is equal to 100% of the principal amount plus accrued and unpaid interest on the Notes.

How can holders receive payment of the Redemption Price?

Holders must surrender their certificated Notes to the paying agent and conversion agent or book-entry Notes through The Depository Trust Company.

Can holders elect to convert their Notes instead of redeeming them?

Holders may elect to convert their Notes at any time before the Redemption Date.

What is the conversion rate for the Notes?

The conversion rate for all conversions of Notes on or after today and before the Redemption Date is 138.7073 shares of Class A Shares of the Company per US$1,000 principal amount of Notes.

Is this press release an offer to sell or a solicitation to buy the securities?

No, this press release is for informational purposes only and does not constitute an offer to sell or a solicitation to buy the securities in any jurisdiction.

IVANHOE MINES LTD A

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