Ionic Rare Earths Limited (ASX: IXR) has received firm commitments to raise A$30 million by way of a share placement at $0.074 in a significantly oversubscribed issue.
The Placement was strongly supported by both key existing shareholders and new global institutional investors from Europe, North America, Asia and Australia.
Canaccord Genuity (Australia) Limited acted as Global Bookrunner and Lead Manager to the Placement. Sprott Capital Partners LP acted as Co-Manager to the Placement.
Ionic Managing Director Tim Harrison said the strong response reflected the potential of the company as a unique magnet and heavy rare earth development opportunity with the potential to become an end to end vertically integrated rare earth and magnet supply chain.
“This is a very positive milestone for IonicRE and our plans to develop the Makuutu Rare Earths Project and to take Seren Technology forward,” Mr Harrison said.
“The extremely strong support we received from institutional and existing shareholders allows us to now commit to accelerating development timeframes for the both the Makuutu Rare Earths Project and the newly acquired heavy rare earth separation and magnet recycling businesses of Seren Technologies.
“The global interest in the capital raising is a testament to the potential of the company and we are excited to secure this support from institutional investors at this defining moment of the company’s development.” “We are seeing a significant step change in interest for the magnet rare earth and heavy rare earth content from Makuutu.
“With a greater end user understanding on supply risk for key magnet rare earths, we believe that the company’s integrated business will become an increasingly important strategic asset as demand for a secure, sustainable supply of magnet and heavy rare earths increases and geopolitical tensions remain high.”
For further information please visit: https://ionicre.com.au/
