By: Creamer media

The funds raised will be used for working capital, including to progress the development of projects in the UK, the US and Brazil, as well as its Makuutu mine, in Uganda.

The capital raising is subject to shareholder approval, which the company intends to seek at an extraordinary general meeting in July.

IonicRE's business involves mining of magnet and heavy rare earths at Makuutu, developing a standalone heavy rare earth refinery to separate magnet and heavy rare earths for downstream value addition and recycling spent neodymium iron boron magnets and swarf into separated and refined magnet rare earth oxide.

IonicRE subsidiary Ionic Technologies has built a demonstration plan in Belfast, in the UK, for magnet recycling and heavy rare earth separation and refining.

The company plans to replicate its UK magnet recycling technology in the Brazilian state of Minas Gerais, through a joint venture with Viridis Mining and Minerals.

It also plans to further expand its refining and magnet recycling operations to key markets in North and South America, Europe and Asia.