Ivanhoe Australia (IVA.TO) is off more than 6% at $1.60 per share this afternoon, sliding 11 cents in light trade today after the exploration company announced an A$150 million sale of new stock as part of efforts to pay down debt and further prepare its Osborne copper and gold property for production set to begin next year.
The junior miner will repay A$30.6 million owed to majority shareholder Ivanhoe Mines (IVN.TO). Approximately half of the new stock issued already has commitment from institutional shareholders.
Shares of Ivanhoe Mines are down 1.4% at $21.32 each.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
