10:17 AM EST - Ivanhoe Mines Ltd. : said it has closed its private placement with Rio Tinto, which was announced on March 1, 2010. As part of the private placement deal, Ivanhoe Mines has issued 15.0 million common shares to Rio Tinto at $16.31 per share, for total proceeds of $244.7 million or $241.1 million U.S. equivalent. Ivanhoe Mines has used $198.2 million or $195.4 million U.S. equivalent of the proceeds to buy from Rio Tinto key mining and milling equipment for the Oyu Tolgoi copper-gold mining complex in Mongolia. Also, Ivanhoe Mines said it has received the balance of the proceeds, $46.4 million or $45.7 million U.S. equivalent, which would be used to purchase additional equipment and for general corporate purposes. With the completion of this transaction, Rio Tinto has increased its ownership in Ivanhoe Mines to 22.4% from 19.6%. Ivanhoe Mines Ltd.
shares T.IVN are trading down $0.14 at $16.10.
