Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF)'s share purchase plan (SPP), which closed on December 15 and offered shares at $0.021 to eligible shareholders, raised about $1,312,500 with applications for 62,499,906 shares and a $687,500 shortfall. This followed completion of a placement of 261,904,762 fully paid ordinary shares at a price of $0.021 to raise $5,500,000 and a commitment from director Sufian Ahmad to subscribe for 19,047,617 fully paid ordinary shares at $0.021 to raise a further $400,000. Managing director Tim Harrison fully participated. Shares will be issued today.
Rare earths & specialist minerals