Ionic Rare Earths (IonicRE) has received firm commitments to raise $30 million through a $0.074 equity offering in a significantly oversubscribed offering. The placement was strongly supported by existing major shareholders and new global institutional investors from Europe, North America, Asia and Australia.
Canaccord Genuity acted as global bookrunner and lead manager for the offering. Sprott Capital Partners LP acted as co-manager of the investment.
IonicRE MD, Tim Harrison, said the strong response reflected the company’s potential as a unique magnet and heavy rare earth development opportunity with the potential to become an end-to-end vertically integrated supply chain rare earths and magnets.
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“This is a very positive step for IonicRE and our plans to develop the Makuutu rare earths project and move Seren Technology forward. The extremely strong support we have received from institutional and existing shareholders now enables us to commit to accelerating development timelines for the Makuutu Rare Earths project and Seren Technologies’ newly acquired heavy rare earth separation and magnet recycling businesses.
“The global interest in raising capital is a testament to the company’s potential and we are delighted to gain this support from institutional investors at this defining moment in the company’s development.”
“We are seeing a significant shift in interest in Makuutu’s magnetic rare earth and heavy rare earth content. With a better end-user understanding of the supply risk of key magnetic rare earths, we believe the Company’s integrated business will become an increasingly important strategic asset as demand for a secure and sustainable supply in magnetic and heavy rare earths is increasing and geopolitical tensions remain high. ”