Gold and copper miner Ivanhoe Australia has announced to be in plans to raise over $213 million for a takeover deal and project development in Queensland. Also, the money raised would be used for redeeming the debt that the Company is facing.

The money for supporting the Company’s acquisitions and exploration would be obtained via a one-for-four accelerated non-renounceable pro rata entitlement offer, outlined the Company officials.

In addition, the Company seeks to raise a further $38 million capital using an institutional placement, reveled the Company officials in a statement to the Australian Securities Exchange (ASX).

Under the entitlement offer and the placement, investors are reported to offer shares priced at $2.88 per share. Apart from this offer, one free attaching option will be offered to the investors on buying of every two new shares.

The Company has planned this, as it eyes on taking over Barrick Gold's Osborne copper and gold project in Queensland under a deal worth $18 million. Apart from redeeming the $53 million loan to the parent Company Ivanhoe Mines, the Company is under plans to make capital investment for developing Merlin Project. Ivanhoe had estimated $55 million for the same.

"The Merlin deposit is the highest grade molybdenum and rhenium project known in the world today, and we expect that ongoing development will deliver value to shareholders”, underlines Ivanhoe.