Ionic Rare Earths Limited (ASX: IXR) will raise approximately A$2M through a share placement at A$0.018 per share.
This includes a commitment from incoming executive chairman, Mr. Brett Lynch to subscribe for approximately A$1.5m worth of fully paid ordinary shares, subject to the receipt of shareholder approval.
Mr. Lynch is an experienced executive with a background in mining and mining-related businesses across Australia, Asia, USA, and emerging markets. He has over 30 years’ experience in international business development and management, with an outstanding track record of delivering shareholder value. He has a Bachelor of Mining Engineering at University of Melbourne.
IonicRE’s binding commitments from existing sophisticated investors will raise A$500,000 through the issue of 27,777,777 Shares at an issue price of A$0.018 per Share, representing the last sales price on 23 January 2024.
In addition, the shares issued under the placement (excluding those to be issued to Mr. Lynch) will be issued utilizing the company’s existing placement capacity and are expected to be issued around the 31 January 2024. The shares issued under the placement will rank equally with IonicRE’s existing shares quoted on the ASX.
The company to use the funds raised under the placement to provide working capital, advance the demonstration plant activities at both the magnet recycling facility in Belfast, Northern Ireland and the Makuutu rare earths project in Uganda.
To find out more, please visit www.ionicre.com
To read more articles like this, please visit www.theassay.com