Ionic Rare Earths Limited (IXRRF) Completes Placement

Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is pleased to announce it has received firm commitments to raise approximately $2 million by way of a share placement at $0.018 ("Placement"). This includes a commitment from incoming Executive Chairman, Mr Brett Lynch to subscribe for approximately $1.5 million worth of fully paid ordinary shares ("Shares"), subject to the receipt of shareholder approval.

Placement Details

The Company has appointed Mr Brett Lynch as Executive Chairman, as announced 24 January 2024.

As part of the terms for his engagement, Mr. Lynch, a director of the Company, will subscribe for 83,333,333 Shares at $0.018 (approximately $1.5 million) under the Placement, subject to receiving approval at a General Meeting of Shareholders.

The Company has also received binding commitments from existing sophisticated investors to raise $500,000 through the issue of 27,777,777 Shares at an issue price of $0.018 per Share, representing the last sales price on 23 January 2024. Shares issued under the Placement (excluding those to be issued to Mr Lynch) will be issued utilising the Company's existing placement capacity and are expected to be issued on or about Wednesday 31 January 2024. The Shares issued under the Placement will rank equally with IonicRE's existing Shares quoted on the ASX.

Use of Funds

It is the intention of the Company to use the funds raised under the Placement to provide working capital, advance the demonstration plant activities at both the magnet recycling facility in Belfast, Northern Ireland and the Makuutu rare earths project in Uganda.

For Australian Media 
Nigel Kassulke
Teneo
E: Nigel.Kassulke@Teneo.com
T: +61 (0) 407 904 874

For Investor Relations
Peter Taylor
NWR Communications
E: peter@nwrcommunications.com.au
T: +61 (0) 412 036 231

For UK Media
Tim Blythe
BlytheRay
E: Tim.Blythe@BlytheRay.com
T: + (0) 20 7138 3553

For NI Media
Katie Doran
Lanyon Group
E: Katie.Doran@LanyonGroup.com
T: +44 (0) 28 9018 3242

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