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Ionic Rare Earths Secures AU$8 Million Through Placement; Shares Fall 8%

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Ionic Rare Earths (ASX:IXR) has raised AU$8 million through a binding share placement to institutional and sophisticated investors, issuing around 30.8 million new shares at AU$0.26 each, representing a 22.1% discount to the company's 15-day volume-weighted average price, according to a Wednesday Australian bourse filing.

The raising comprises a AU$7.5 million unconditional placement of 28.9 million shares, along with a AU$500,000 director participation component that is subject to shareholder approval at the next annual general meeting, the filing said.

The proceeds will be used to support the commercialization of the Belfast plant, the Belfast demonstration plant, US expansion initiatives, the Makuutu rare earths project, and the Viridion joint venture, the filing added.

The company's shares fell 8% in recent Wednesday trade.

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