Robert Friedland’s Ivanhoe Electric (TSX:IE) has fully acquired Kaizen Discovery (TSX-V:KZD), a 91原创-based company that Friedland created and which originally specialized in acquiring distressed mine assets.
Ivanhoe Electric already owned 82.5 per cent of Kaizen Discovery, which was spun out by another Friedland company, High Power Exploration. Kaizen’s main project is the Pinaya copper-gold project in Peru.
Ivanhoe Electric announced today it has completed the acquisition of all the remaining outstanding shares in Kaizen that it doesn’t already own.
Given Kaizen’s market cap – close to $6 million – and number of shares outstanding, at $0.09 per share, the price tag for the outstanding shares that Ivanhoe Electric didn't already own would be about $1 million.
Ivanhoe said in a news release that Kaizen's shares will be delisted from the TSX Venture exchange, effective tomorrow (Feb. 7, 2024.)
Ivanhoe Electric went public in 2022. The company is focused on energy transition metals -- mainly copper -- with exploration and development projects in the U.S., Colombia and the Ivory Coast.
Friedland is the Ivanhoe Electric's executive chairman.
