Renergen says subscription deal with Canadian miner Ivanhoe has lapsed
Ivanhoe picked up a 4.35% stake in Renergen in March and had options to increase it to as much as 55%, but this deal has now lapsed
15 July 2022 - 18:19
Emerging natural gas and helium producer Renergen says Canadian group Ivanhoe Mines is no longer in a position to pick up a controlling stake in it after a 120-day period to fulfil conditions, such as regulatory approvals and due diligence, lapsed.
Renergen announced a R200m initial equity raise in March that gave Ivanhoe a 4.35% stake, with options to then bulk this up to 25%, and then 55% through subscribing for additional shares...
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