Ionic to raise $8m for Belfast demo and commercial rare earths recycling
Ionic Rare Earths has received binding commitments for a placement to raise $8-million, which is poised to be supported by domestic and international institutional investors.
The commitments include a $2-million strategic investment from US-based specialist investment firm Argentem Creek Partners and $500 000 from Ionic Rare Earths directors.
Ionic Rare Earths will use the bulk of the proceeds for works at its Belfast project, in the UK, including to build a demonstration plant and to commercialise recycling technology. The company plans to have the Belfast plant produce 400 t of high-purity separated magnet rare earth oxides a year.
Ionic Rare Earths is focused on advancing a diversified Western rare earths supply chain, including by progressing recycling technology by moving the Belfast plant towards a final investment decision.
The company will issue about 30.8-million new shares at a price of $0.26 apiece, which represents 13.6% of the company’s existing issued capital.