A$40m placement takes ioneer through to FID at Rhyolite Ridge
Australia-based ioneer on Thursday announced a fully underwritten institutional placement to professional and sophisticated investors to raise A$40-million, which would take the Rhyolite Ridge lithium/boron project, in the US, through to a final investment decision (FID).
The proceeds of the placement would be used to fund the completion of the definitive feasibility study (DFS), advance detailed engineering beyond the DFS to about 50% completion, complete the environmental approval process and potentially buy long lead time items.
The DFS for the Nevada project, which is expected to produce 20 200 t/y of lithium carbonate and 173 000 t/y of boric acid, would be completed in the first quarter of next year.
“The last 12 months have been an exciting, defining period for ioneer, making significant steps to derisk Rhyolite Ridge and move closer to FID,” MD Bernard Rowe said, noting that the placement was another key milestone for the company.
The fully underwritten placement of 200-million ordinary shares would be issued using its 15% placement capacity pursuant to ASX listing rules. The new shares would be issued at A$0.20 a share, representing a discount of 11.1% to ioneer’s last closing price on November 20 of A$0.225 and a 16.8% discount to the ten-day volume-weighted average price of A$0.24 a share.
US-based private capital investor Centaurus Capital would make a cornerstone investment and would hold 7.8% in the company at settlement.
ioneer was formerly known as Global Geoscience and trades on the ASX.
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