IperionX Limited (NASDAQ: IPX, ASX: IPX), a pioneering force in sustainable titanium production, is thrilled to announce the successful securing of firm commitments for a significant placement of 21 million new fully paid ordinary shares. Priced at A$1.25 per share, this strategic move aims to generate a gross proceed of A$26.3 million (approximately US$16.7 million), marking a monumental step forward for the company.
This placement, led by stalwart supporters and existing shareholders, including B Riley Principal Investments, Fidelity International, Inherent Group, and one of the world’s largest asset managers, underscores the unwavering confidence in IperionX’s vision and strategic plans. These plans are centered around re-shoring U.S. titanium production, scaling the company’s patented titanium technologies, advancing the Titan Critical Mineral Project, and catering to general corporate needs.
A notable participant in this placement is Mr. Ray Nimrod, IperionX’s esteemed technology and patent portfolio advisor. A significant long-term shareholder and advisor to the company, Mr. Nimrod’s participation further solidifies the trust in IperionX’s trajectory. His reputation as a renowned expert in technology patent law, representing a plethora of leading technology clients including multiple Fortune 100 companies, adds a layer of credibility and assurance to this endeavor.
The issue price of A$1.25 per New Share is strategically set at a 14.5% premium to the 5-day VWAP and a 3.2% discount to the 30-day VWAP. The company is on track to issue the Placement shares on or about November 3, 2023, in accordance with ASX Listing Rule 7.1.
This financial bolstering places IperionX in a robust position, empowering the company to expedite its plans to re-shore U.S. titanium production. This includes the development of the advanced Titanium Production Facility in Halifax County, Virginia, a project poised to revolutionize the titanium industry.
Bell Potter Securities Limited has played a pivotal role in this placement, acting as the Lead Manager and contributing significantly to its success.
IperionX is poised for a future of innovation, sustainability, and industry leadership, thanks to this strategic financial move and the unwavering support of its shareholders and advisors.
About us:
IperionX aims to become a leading American titanium metal and critical materials company – using patented metal technologies to produce high performance titanium alloys, from titanium minerals or scrap titanium, at lower energy, cost and carbon emissions.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au