IonicRE raises $5.5m in a placement
ASX-listed Ionic Rare Earths (IonicRE) has received firm commitments to raise $5.5-million, before costs, by way of a share placement of about 423-million shares.
The placement includes participation of $500 000 from IonicRE chairperson Brett Lynch, further to his recent $1.5-million investment on joining the company in January.
The funds raised will support advancing subsidiary company Ionic Technologies’ magnet recycling technology and enhancements to its magnet recycling demonstration plant, currently producing separated magnet rare earth oxides in Belfast, in the UK, along with the completion of a feasibility study for a full-scale plant, which is expected to be completed by midyear.
Moreover, it will support advancing offtake and financing discussions presently under way at the Makuutu ionic adsorption rare earths project, in Uganda, where a demonstration plant is producing mixed rare earth carbonate (MREC), which will be evaluated by several parties to advance offtake negotiations.
“We have received such a significant amount of interest from various magnet manufacturers, alloy makers and original-equipment manufacturers who are interested in utilising our world-class magnet rare earth recycling technology for access to secure, sustainable and traceable rare earth supply. Demand at our operational demonstration plant in Belfast is now full for the next 18 months with potential partner trials advancing to plan.
“Further, our upstream project, the Makuutu rare earth project, is also advancing well with several offtake negotiations with partners who will be evaluating our MREC being produced at the Makuutu demonstration plant. We are on the verge of a tangible increase in shareholder value. We greatly appreciate the support of existing shareholders with funding this placement,” says MD Tim Harrison.
Comments
Research Reports
Projects
Latest News
Showroom
South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
