As consideration for providing a standby commitment
in connection with the Rights Offering, the company also received 15,009,026 5-year warrants to purchase up to 15,009,026 common shares at an exercise price equal to CAD0.415 per Common Share.
There is no standby commitment
in respect of the rights offering and the completion of the rights offering is not subject to Pinetree receiving any minimum amount of subscriptions from holders.
(NASDAQ: UPIP) said its rights offering raised USD12.5m of gross proceeds, including proceeds from a standby commitment
made by Indaba Capital, L.P.
Because the offering was over-subscribed, Rio Tinto did not purchase any shares under its standby commitment
. As a result of the rights offering, Rio Tinto's stake in Ivanhoe Mines increased from 50.9% to 51.0%.
Rio Tinto will provide a standby commitment
for the full amount of a $1.8-billion rights offering by Ivanhoe and also will provide $1.5 billion of bridge financing to Ivanhoe, in addition to the $1.8 billion interim funding facility that was agreed in December 2010.
The Chinese lender acted as lead underwriter and bookrunner for the issue with standby commitment
The company added that the credit line from the warehouse lender that is supported by the standby commitment
will fund only the loans the participating seller/servicer intends to sell to Freddie Mac.
In Westchester, AZREG arranged a $70.2 million standby commitment
for a 300-unit high-rise apartment complex.
The Proposed Rule also addresses requirements for financial commitment transactions (which include reverse repurchase agreements, short sale borrowings and any firm or standby commitment
agreement) and imposes supplemental reporting and disclosure requirements to proposed Form N-PORT and proposed Form N-CEN.
However, as RIO will continue to provide a standby commitment
for the full amount of the US$1.8 billion offering and will buy as many new shares in Ivanhoe as its 51% shareholding at agreed price, we view the news as neutral on IVN.
The company will issue 718,036,282 common shares in total to the rights offering and the standby commitment
, and will receive aggregate gross proceeds of USD250m.
: Standby commitments
can help developers obtain construction financing for new projects.