Results of Share Purchase Plan
Perth, Dec 22, 2023 AEST (ABN Newswire) - Ionic Rare Earths Limited (
ASX:IXR) (IXRRF:OTCMKTS) is pleased to advise results of the Company's Share Purchase Plan ("SPP"), as announced on 20 November 2023. The SPP closed at 2.00pm (AWST) on Friday, 15 December 2023.
The SPP followed the successful completion of:
1. a placement of 261,904,762 fully paid ordinary shares at a price of $0.021 to raise $5,500,000;
2. a commitment from Mr. Sufian Ahmad, a director of the Company, to subscribe for 19,047,617 fully paid ordinary shares at $0.021 to raise a further $400,000, subject to receiving approval at a General Meeting of Shareholders to be held early in 2024. (together, "the Placements")
The SPP provided eligible shareholders with the opportunity to subscribe for up to $30,000 worth of new fully paid ordinary shares at an offer price of $0.021 per share, being the same price as the Placements.
The Company received valid applications for 62,499,906 new fully paid ordinary shares under the SPP raising approximately $1,312,500 with a shortfall of approximately $687,500. Mr Tim Harrison, the Company's Managing Director, took up his full entitlement of shares under the SPP.
Shares applied for under the SPP will be allotted and issued today, Friday 22 December 2023.
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.
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