CITIC Metal to Potentially Sell Part of Its Stake in Ivanhoe Mines
Toronto, Ontario – (Newsfile Corp. – May 27, 2024) – CITIC Metal Co., Ltd. has announced, via a regulatory announcement on the Shanghai Stock Exchange dated May 26, 2024, that it received board approval on May 24, 2024, for its subsidiary, CITIC Metal Africa Investments Limited (“CITIC”), to sell a portion of its holdings in Ivanhoe Mines Ltd. (“the Corporation”). The sale could occur through public trades, block trades, or a combination of both.
Further approval from CITIC Metal Co., Ltd.’s shareholders will be sought at a general meeting scheduled for June 11, 2024. If approved, CITIC will be authorized to sell up to 25,390,428 shares, representing approximately 2.0% of Ivanhoe Mines’ currently outstanding common shares.
As of the Corporation’s last quarterly report dated April 26, 2024, there were 1,269,698,059 Class A shares issued and outstanding. The authorized sale period will extend for 12 months from the date of shareholder approval.
This press release is issued to comply with Canadian early warning requirements, as the potential transaction would alter information previously disclosed by CITIC in earlier filings and has been announced in other jurisdictions.
Currently, CITIC beneficially owns 314,671,533 common shares of Ivanhoe Mines, representing approximately 24.78% of the outstanding shares.
Upon completion of the proposed sale of 25,390,428 shares, CITIC’s ownership would decrease to 289,281,105 common shares, or approximately 22.78% of the outstanding shares.
The board and shareholder approvals do not obligate CITIC to complete the sale, and any transactions will comply with applicable Canadian securities laws.
This transaction is viewed as an economic decision based on comprehensive considerations and does not affect CITIC’s long-term strategic investment in Ivanhoe Mines.
