Canadian Mining Journal

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COPPER-GOLD: Turquoise Hill makes $2.4B rights offering

VANCOUVER – Turquoise Hill Resources has filed the final prospectus in the relevant jurisdictions for a US$2.4 billion rights offering. The net proceeds will repay the outstanding amounts of the company's interim funding facility and its...



VANCOUVER – Turquoise Hill Resources has filed the final prospectus in the relevant jurisdictions for a US$2.4 billion rights offering. The net proceeds will repay the outstanding amounts of the company’s interim funding facility and its US$600 million secured bridge financing with Rio Tinto. Any remaining proceeds will be used to fund the Oyu Tolgoi copper-gold project in Mongolia, for working capital, and other corporate expenses.

Each Turquoise Hill shareholder will receive one transferable right for each common share held. Each right will allow the holder to buy one additional common share for US$2.40 or C$2.53 per share. These prices represent a 42% discount on the Nov. 25 closing price of US$4.16 and C$4.39. Shareholders who do not exercise all of their rights will have their present ownership in the company reduced.

Shareholders of Turquoise Hill can request the prospectus be mailed to them by calling 604-688-5755.