Turquoise Hill Completes Rights Offering

Turquoise Hill Resources Ltd. (TRQ) completed its rights offering pursuant to which rights were issued to all holders of its outstanding common shares to subscribe for an aggregate of 1,006,116,602 common shares, which generated gross proceeds of approximately US$2.4 billion. TRQ used the net proceeds from the rights offering to repay all outstanding amounts under its US$1.8-billion interim funding facility and its secured US$600-million bridge facility with Rio Tinto plc (together with its affiliates, Rio Tinto). 

TRQ was represented in-house by Dustin Isaacs, General Counsel and Corporate Secretary; and Norton Rose Fulbright Canada LLP with a team including Steve Malas, Elliot Shapiro, Michael Lang, Amélie Métivier, Meghan Stewart, Catherine Simard and Catherine Tees (corporate and securities), Martin Thériault (banking) and Derek Chiasson (tax).

Rio Tinto was represented by internal counsel Warren Goodman, General Counsel Business Development and Strategic Projects; Neville Henwood, General Counsel – Copper; and Marcus Dowding, Senior Legal Counsel. External counsel was provided by McCarthy Tétrault LLP with a team including Brian Graves, Shea Small, Gary Litwack, Ryan Hornby and Deandra Schubert (corporate and securities); Lynn Parsons and William Fyfe (banking), and Frederic Harvey and Ryan Rabinovitch (tax).