AUS
NZ
UK
CA
USA
IND
Highlights
- Ionic Rare Earths (IXR) surpasses its A$500,000 SPP target with strong shareholder support.
- The company raises approximately A$766,000 through the share purchase plan.
- Plans for rare earth magnet recycling in Brazil advance through a joint venture.
Ionic Rare Earths (ASX:IXR) has successfully completed its share purchase plan (SPP), surpassing its initial A$500,000 target to raise approximately A$766,000. The SPP, which closed earlier this week, follows a previously completed placement of 206,857,136 fully paid ordinary shares priced at A$0.007. This placement also included 103,428,574 options, generating an additional A$1.448 million for the company.
The SPP enabled eligible shareholders to subscribe for fully paid ordinary shares at A$0.007 per share. Additionally, the offer included options on a 1-for-2 basis, featuring an exercise price of A$0.011 with an expiry date of December 15, 2027. Strong shareholder participation exceeded the target, prompting the board to accept all eligible applications. This decision resulted in the issuance of 109,379,876 new fully paid shares and raising the final amount to A$766,000.
Ionic Rare Earths is currently focused on advancing its flagship Makuutu Rare Earths Project in Uganda. This project aims to establish a sustainable, long-term supplier of high-value magnet and heavy rare earth oxides (REO).
In parallel, the company is progressing its rare earth magnet recycling initiatives in Brazil through a joint venture with Viridis Mining and Minerals (ASX:VMM). The Viridion joint venture has recently received validation from Invest Minas, Brazil’s investment promotion agency, to develop a recycling facility in the Minas Gerais region. The recycling project is expected to utilize Ionic Rare Earths' proprietary magnet rare earth recycling technology, which is currently undergoing demonstration in Belfast, Northern Ireland. This collaboration aims to build a traceable and sustainable circular rare earth supply chain for Brazil.
The confidence in the company’s recent progress is reflected in the actions of its directors, who have subscribed for 28,857,140 fully paid ordinary shares at A$0.007, alongside 14,428,570 options. This contribution, subject to approval at a General Meeting planned for early 2025, adds a further A$202,000 to the company’s funding efforts.
With growing shareholder support and progress in international initiatives, Ionic Rare Earths (IXR) is strengthening its position in the rare earths market while driving advancements in sustainable technologies for critical mineral supply chains.
