Ionic Rare Earths, a key player in the rare earths and magnet supply chain industries, recently secured a significant $5.9 million through a share placement, signaling a major advancement for both the company and the industry. The company issued around 280.9 million shares priced at $0.021 each, with directors contributing a notable $0.4 million of the total funds.
Expanding investor involvement, Ionic Rare Earths rolled out a security purchase plan that quickly garnered an overwhelming response, becoming oversubscribed due to strong backing from both existing and new institutional investors. This enthusiastic participation reflects the market’s robust confidence in IonicRE.
The company will use this capital injection to propel two pivotal projects. Firstly, it aims to complete the demonstration plant at the Makuutu Ionic Adsorption Clay Rare Earth Project, poised to produce its first rare earth product in early 2024. Additionally, the funds will enhance Ionic Technologies’ Magnet Recycling Demonstration Plant, gearing it up for continuous operation starting in January 2024.
According to a report by Mining Review, Tim Harrison, Managing Director of IonicRE, expressed his excitement over the fundraising success. “This highlights our potential as a unique magnet and heavy rare earth player,” Harrison remarked. He pointed to significant progress in both the Makuutu project and the Belfast recycling facility, looking forward to further positive updates.
IonicRE’s increasing involvement in the Makuutu Rare Earth Project, where it aims to boost its current 60% interest, underscores the company’s commitment to becoming a major force in the rare earth sector.
The updates on both the Makuutu project and the Belfast facility underscore IonicRE’s strategic focus on integrating rare earth extraction with magnet recycling. This strategy aligns with the global push towards sustainable resource utilization.
This successful fundraising not only provides IonicRE with the means to advance its key initiatives but also reflects the investment community’s trust in the company’s vision and strategy. As IonicRE progresses with its ambitious plans, it positions itself as an innovator in the rare earth and magnet recycling sectors, potentially reshaping these vital industries.
