Sustainable titanium metal producer IperionX Limited has completed a $20 million placement to advance and scale the company’s patented titanium technologies.
Proceeds from the placement will also be used to advance feasibility studies at the Titan Critical Mineral Project and for general corporate purposes.
In an ASX announcement, the company said it received firm commitments for a placement of 20 million new fully paid ordinary shares at an issue price of $1 per share to institutional, sophisticated, and professional investors to raise gross proceeds of $20 million before costs.
The transaction was led by the company’s two largest shareholders, Fidelity Management & Research Company and Fidelity International.
IperionX directors are planning to participate in the placement by subscribing for a total of 1 million shares, subject to shareholder approval.
The issue price of $1.00 per new share represents a 5 per cent discount to the 10-day VWAP of $1.05. As a result, the placement will be completed in two tranches: 19 million new shares will be issued on or before 10 May and 1 million new shares will be issued to directors subject to shareholder approval to be sought at a general meeting of the company’s shareholders.
IperionX is a leading developer of low-carbon titanium for advanced industries, such as space, aerospace, electric vehicles, and 3D printing. The company’s proprietary titanium technologies are designed to produce titanium that is low-carbon and fully circular.
It also produces titanium metal powders from titanium scrap at its pilot facility in Utah and intends to scale production at a Titanium Demonstration Facility in Virginia, USA.
