Ivanhoe Mines Ltd. said Monday it has closed a private stock placement with Anglo-Australian mining company Rio Tinto for 244.7 million Canadian dollars ($241.1 million).

Ivanhoe, which is based in Vancouver, issued 15 million common shares at 16.31 Canadian dollars per share to Rio Tinto. The transaction increased Rio Tinto's stake in Ivanhoe to 22.4 percent from 19.6 percent.