Ivanhoe Energy announces sale of Pan-China Resources Ivanhoe Energy announced that it has signed a share purchase and sale agreement with MIE Holdings Corporation for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources, in exchange for a cash consideration of $45M. Pan-China Resources holds 100% of the foreign contractor's rights for the Dagang Production Sharing Contract. The transaction has an effective date of September 30 and is subject to standard industry closing conditions, including a $5M hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days.
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