ASX-listed Ionic Rare Earths (IonicRE) has received firm commitments to raise $5.9-million by way of a share placement of about 281-million fully paid ordinary shares at an issue price of $0.021. The placement was oversubscribed and was strongly supported by both key existing shareholders and new institutional investors.
“The strong response to the raise 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 participant,” IonicRE MD Tim Harrison said on November 20.
The company continues to pursue advanced talks to increase its interest in the Makuutu rare earth projects, in Uganda, from the 60% it already holds.
Harrison said the latest updates on the company's progress with the demonstration plant at Makuutu and the recycling facility owned by Ionic Technologies in Belfast, in the UK, all point to promising news flow in the months ahead.