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Ionic raises cash for Ugandan project

ASX-listed Ionic Rare Earths will raise A$12-million in a share placement, priced at 4c each to both new and existing institutional shareholders.

The company on Wednesday announced that it had received binding commitments for the placement of 300-million shares at an issue price of 4c each, representing a 7% discount to Ionic’s ten-day volume weighted average share price.