Ivanhoe Mines Completes Offering

On December 19, 2003, Vancouver-based Ivanhoe Mines Ltd. completed a bought deal global equity offering of 14.3 million units, consisting of 14.3 million common shares and 7.15 million common share purchase warrants at $10.50 per unit, for gross proceeds of $150.15 million. The offering was made in Canada, Europe, Asia and Australia and a portion was sold on a private placement basis in the US to institutional accredited investors. HSBC Securities Canada Inc., GMP Securities Ltd. and CIBC World Markets Inc. co-led the underwriting syndicate, which included UBS Securities Canada Inc.

Ivanhoe was represented in Canada by Goodmans LLP, with a team led by Paul Goldman and Steven Robertson, and included David Redford and Michael Johnson in Vancouver and Bill Gorman and Richard Warren in Toronto; and in the US by Paul, Weiss, Rifkind, Wharton & Garrison LLP in New York, with a team led by Ted Maynard and Andrew Foley, and included Sheila Gibb and David Chorney.

The underwriters were represented in Canada by Fasken Martineau DuMoulin LLP, with a team led by Richard Steinberg in Toronto and Lata Casciano, John Lewis and Frank Schober in Vancouver, and assisted by Melody Schalm, Georald Ingborg and Keith Darvell in Vancouver; and in the US by Dorsey & Whitney LLP in Seattle, with a team that included Christopher Barry and Kenneth Sam.