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- Ionic Rare Earths (IXR) has entered a trading halt today ahead of a proposed capital raise
- The company hasn’t disclosed any details regarding how much it plans to raise nor how the funds will be spent
- Ionic Rare Earths recently acquired UK-based SerenTech which owns a rare earth separation and refining technology that will be useful to the Makuutu project in Uganda
- The company plans to undertake a pilot plant program and an updated engineering study on the magnetic recycling project to confirm operational and capital cost estimates
- IXR shares last traded at 8.2 cents on April 6
Ionic Rare Earths (IXR) has entered a trading halt today ahead of a proposed capital raise.
The company is yet to disclose any details, including how much it hopes to raise and how it will spend the funds.
Nevertheless, the full details are expected to be announced before the company comes out of the trading halt on Monday, April 11.
Earlier this week, the materials stock said it had successfully completed due diligence for the acquisition of Seren Technologies.
SerenTech is a UK-based privately-owned company who reportedly has a “unique and leading-edge” rare earth separation and refining technology, which Ionic Rare Earths considers would be valuable to its Makuutu rare earths project in Uganda.
This belief was confirmed through the recent due diligence process which will be followed by a pilot plant program in the June quarter. The program will feed into the next phase of validation before a potential demonstration plant later this year.
IXR said the acquisition “greatly complements” its strategy of becoming a vertically-integrated player in new magnet and heavy rare earth supply chains that are emerging in Europe and North America.
Ionic Rare Earths also plans to undertake an engineering study on the magnetic recycling project to revise the prior study. This is aimed at confirming operational and capital cost estimates for commercialisation plans.
IXR shares last traded at 8.2 cents on April 6.
