The strategic rights offering by Ivanhoe Mines last month generated USD1.18 billion in gross proceeds to be used to advance development of the Oyu Tolgoi project. Upon the closing of the rights offering, the company issued a total of 84,867,671 common shares, which represents 99.5% of the maximum number of common shares that were available under the rights offering.
Both Robert Friedland and Rio Tinto, Ivanhoe Mines” two largest shareholders, exercised all of their respective rights that were issued to them in the rights offering. Friedland also purchased an additional 1.5 million rights on the open market and exercised them to acquire additional common shares. His ownership stake in Ivanhoe Mines now is 15.5%; Rio Tinto has maintained its current ownership at 40.3%.  
“The virtually universal support of our eligible shareholders and the backing of the international investment community have made this rights offering another landmark event in the history of our company,” said Friedland, Executive Chairman and Chief Executive Officer of Ivanhoe Mines. “The funds that have been raised significantly enhance Ivanhoe Mines” capital position and our ability to sustain the pace of full-scale construction at Oyu Tolgoi toward our target of initial production next year.”