Ionic Rare Earths raises $8M in placement

• Ionic Rare Earths completed a $8 million placement supported by domestic and international investors.
• The offer issued 30.8 million new ordinary shares, priced at $0.26 per share.
• Capital will fund recycling technology commercialisation in Belfast and rare earth operations in Uganda and the US.

Ionic Rare Earths (ASX:IXR) has secured binding commitments to raise $8 million through a share placement.

The transaction involves issuing approximately 30.8 million new ordinary shares to institutional and sophisticated investors at $0.26 per share.

"We are pleased with the strong support received from both new and existing investors," said Ionic Rare Earths Executive Chairman Brett Lynch.

The placement includes $500,000 from company directors.

Following the announcement, the Ionic Rare Earths share price was unchanged at $0.28.

Ionic Rare Earths stated that proceeds will support commercialisation and operations at its Belfast recycling facility.

Remaining capital will fund ongoing work at the Makuutu Rare Earths Project in Uganda and the Viridion joint venture.