Australia's Ionic Rare Earths faces worst day in 22 months on discounted placement

Ionic Rare Earths

20/11/2023 24:53

** Shares of Ionic Rare Earths  IXR.AX  fall as much as
16.67% to A$0.023, set for worst day since Jan 23, 2022 if
losses hold
    ** Stock hits lowest level since Nov 10, last down 11.11% to
A$0.024 
    ** Co says received firm commitments to raise A$5.9 mln 
($3.84 mln) via share placement 
    ** Issue price of A$0.021 per share represents a discount of
~30% to last close - Reuters calculation
    ** Co says proceeds will be used for completion of the
demonstration plant at Makuutu Ionic Adsorption Clay Rare Earth
Project, among others 
    ** Stock down 18.2% this year, as of last close

($1 = 1.5366 Australian dollars)

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))