News: Ivanhoe completes retail entitlement offer

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Ivanhoe Australia Ltd (ASX:IVA) has completed a fully underwritten retail entitlement offer to raise around $20 million.

Proceeds will be used to fund the acquisition of the Osborne Mine in Queensland, the development of the Merlin project in Cloncurry, repayment of debt owed to Ivanhoe Mines and ongoing exploration and development studies.

The base metal and mineral explorer says the retail component of its fully underwritten 1 for 4 non-renounceable accelerated pro rata entitlement offer, and institutional placement, will be around $269 million.

New shares and options under the retail entitlement offer are expected to be issued on 10 September, to start trading on the 13 September.

For the six months to 30 June, Ivanhoe Australia reported a net loss of $36.13 million.