ASX-listed Ionic Rare Earths (IonicRE) has received firm commitments to raise about $2-million by way of a share placement to provide working capital and to advance demonstration plant activities at both the magnet recycling facility in Belfast, Northern Ireland, and the Makuutu rare earths project, in Uganda.
Incoming executive chairperson Brett Lynch has committed to subscribe for about $1.5-million worth of fully paid ordinary shares, subject to the receipt of shareholder approval.
Existing investors have committed to subscribe for the remaining $500 000 worth of shares.