BUZZ-Ivanhoe Electric slides on $60 mln equity offering

Shares of metals miner Ivanhoe Electric IE.N down 6.4% premarket to $5.53, a record low, after follow-on offering priced

Arizona-based firm late Tues announced ~10.3 mln units, comprising one share and one warrant, at $5.85 for $60 mln gross proceeds

Deal size increased from $50 mln, priced at 1% discount to stock's last sale

Each 12-month warrant exerciseable to purchase an additional share at $7

Co intends to use net offering proceeds on preliminary feasibility study for the Santa Cruz project in Arizona, land acquisition payment, exploration activities, general purposes

BMO sole bookrunner

With ~120.8 mln shares outstanding, co has $714 mln market cap

Through Tues, shares down 22% YTD following 25% drop in 2024