'Electric Metals' Exploration and Development Company Ivanhoe Electric Completes Acquisition of KaizenThursday, February 8, 2024
Vancouver, BC, February 8, 2024--(T-Net)--Electric metals exploration and development company Ivanhoe Electric Inc. (NYSE: IE, TSX: IE) announced today that it has completed its acquisition of Kaizen Discovery Inc. pursuant to a plan of arrangement under the Business Corporations Act (British Columbia).
Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States, and Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru.
We are on the cusp of a new wave of demand for electric metals as the world transitions from fossil fuels to renewable energy sources and battery storage. To accomplish this, we will rely heavily on these critical metals that are the building blocks of the new green economy - copper, nickel, vanadium, cobalt, platinum group elements, gold and silver.
Ivanhoe Electric says it has assembled a portfolio of assets focused in the united states that are uniquely positioned to capture this surge in global demand for electric metals.
"Through the advancement of our portfolio of electric metals exploration projects, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, we intend to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy" says the company on its corporate website.
Immediately prior to the closing of the Arrangement, Ivanhoe Electric (IE) beneficially owned 54,428,971 Common Shares, representing 82.54% of the issued and outstanding Common Shares on a non-diluted basis. Following the closing of the Arrangement, IE beneficially owns 69,229,659 Common Shares, representing 100% of the issued and outstanding Common Shares on a fully diluted basis.
The Company is now a wholly-owned subsidiary of IE. IE acquired the Common Shares in consideration for the issuance of one share of common stock of IE for every 127 Common Shares issued and outstanding immediately prior to the closing of the Arrangement.
The Common Shares of Kaizen were de-listed from the TSX Venture Exchange effective at the close of business on February 7, 2024. An application is also expected to be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following closing of the Arrangement.
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru. Kaizen's head office is located at 606 - 999 Canada Place, Vancouver, British Columbia, Canada, V6C 3E1. More information on Kaizen is available at www.kaizendiscovery.com.
About Ivanhoe Electric
Ivanhoe Electric is a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. Ivanhoe Electric's head office is located at 450 E Rio Salado Parkway, Suite 130, Tempe, Arizona 85281. More information on Ivanhoe Electric is available at www.ivanhoeelectric.com.
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