Ivanhoe Electric Announces Closing of Initial Public Offering NEW YORK, New York, June 30, 2022 (GLOBE NEWSWIRE) -- Ivanhoe Electric Inc. ("Ivanhoe Electric"), a U.S.-based minerals exploration and development company, announced today the closing of its initial public offering of 14,388,000 shares of its common stock at a price of US$11.75 per share. The gross proceeds from the offering were approximately US$169.1 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by Ivanhoe Electric. In addition, Ivanhoe Electric has granted the underwriters a 30-day option to purchase up to an additional 2,158,200 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The shares commenced trading on the NYSE American and the Toronto Stock Exchange on June 28, 2022 under the ticker symbol "IE". Ivanhoe Electric intends to use the net proceeds of the offering to fund certain payments to acquire or maintain its mineral and property rights to its material and key mineral properties, to further its metals exploration activities at all of its mineral properties, to construct and deploy additional sets of its Typhoon™ electrical pulse-powered geophysical surveying transmitter technology, as well as working capital and general and administrative costs.