CHARLOTTE, N.C.–(BUSINESS WIRE)–IperionX Limited is pleased to announce that it has received commitments to place 30 million shares at an issue price of A$0.80 per share to institutional, sophisticated and professional investors to raise gross proceeds of A$24 million before costs.
The Placement was led by cornerstone investors B. Riley Principal Investments, a wholly owned subsidiary of B. Riley Financial, Inc., and Fidelity International Ltd (“FIL”), a global asset manager. The Company is also pleased that its largest shareholder, Fidelity Management & Research Company (“FMR”), has agreed to subscribe for shares to maintain its pro-rata position, confirming its continued support for the Company. The Placement also included a dedicated sustainability focused investor based in the United States.
Mr. Todd Hannigan, Executive Chairman of IperionX, also plans to participate in the Placement by subscribing for a total of 1,875,000 shares, subject to Shareholder approval.
Proceeds from the Placement will be used to continue the scale-up and commercialization of IperionX’s titanium metal technologies, including capital upgrades to the existing titanium pilot facility, deposits on long lead time equipment for a proposed titanium demonstration facility, and continued research and development activities. IperionX will also continue development of the Company’s critical minerals project located in Tennessee, including a pre-feasibility study, permitting, and continued exploration.
Ord Minnett Limited acted as Lead Manager to the Placement and B. Riley Securities, Inc. acted as financial advisor.
About IperionX
IperionX’s mission is to be the leading developer of low carbon, sustainable, critical material supply chains focused on advanced industries including space, aerospace, electric vehicles and 3D printing. IperionX’s breakthrough titanium technologies have the potential to produce titanium products which are sustainable, 100% recyclable, low carbon intensity and at product qualities which exceed current industry standards. The Company also holds a 100% interest in the Titan Project, located in Tennessee, U.S., a very large titanium resource in North America which is also rich in rare earth minerals.
