February 16, 2010 (FinancialWire) — Ivanhoe Energy Inc. (TSX: IE) (NASDAQ: IVAN) said it has now received in treasury the net proceeds from the Cdn$125 million Special warrants private placement that closed January 26, 2010.

An additional Cdn$25 million of special warrants are under option on the same terms, and may be issued, in whole or in part, on or before February 24, 2010. According to Ivanhoe, if all of these additional warrants are issued, the total proceeds of the private placement, net of banking fees, will be around Cdn$146 million.

The company plans to use proceeds from this placement to advance Ivanhoe Energy’s main projects, Tamarack in Canada and Pungarayacu in Ecuador, and for general corporate purposes.

Canada-based Ivanhoe Energy is a heavy-oil development and production company focused on pursuing long-term growth in its reserves and production using advanced technologies, including its proprietary, patented heavy-oil upgrading process.

The firm’s core operations are in Canada, Ecuador, China and Mongolia, with business development opportunities worldwide.

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