Placement Details
The Company has appointed Mr Brett Lynch as Executive Chairman, as announced 24 January 2024.
As part of the terms for his engagement, Mr. Lynch, a director of the Company, will subscribe for 83,333,333 Shares at $0.018 (approximately $1.5 million) under the Placement, subject to receiving approval at a General Meeting of Shareholders.
The Company has also received binding commitments from existing sophisticated investors to raise $500,000 through the issue of 27,777,777 Shares at an issue price of $0.018 per Share, representing the last sales price on 23 January 2024. Shares issued under the Placement (excluding those to be issued to Mr Lynch) will be issued utilising the Company's existing placement capacity and are expected to be issued on or about Wednesday 31 January 2024. The Shares issued under the Placement will rank equally with IonicRE's existing Shares quoted on the ASX.
Use of Funds
It is the intention of 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.
About Ionic Rare Earths Limited:
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.
Source:
Ionic Rare Earths Limited
Contact:
For Australian Media Nigel Kassulke Teneo E: Nigel.Kassulke@Teneo.com T: +61 (0) 407 904 874 For Investor Relations Peter Taylor NWR Communications E: peter@nwrcommunications.com.au T: +61 (0) 412 036 231 For UK Media Tim Blythe BlytheRay E: Tim.Blythe@BlytheRay.com T: + (0) 20 7138 3553 For NI Media Katie Doran Lanyon Group E: Katie.Doran@LanyonGroup.com T: +44 (0) 28 9018 3242