Ivanhoe Mines to raise C$150 mln in equity offering

Tue May 20, 2014 4:11pm EDT
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May 20 (Reuters) - Ivanhoe Mines Ltd said on Tuesday it has entered into agreements to raise C$150 million ($137.65 million) in a share and warrants offering. The funds would be used to develop its mining projects in the Democratic Republic of Congo.

Ivanhoe said C$125 million of the funds would come from a bought deal with a syndicate of investment banks. The remaining C$25 million would be raised in a private placement with Robert Friedland, Ivanhoe's founder and chairman.

($1 = 1.0898 Canadian Dollars) (Reporting by Nicole Mordant in Vancouver; Editing by Bernard Orr)