Lithium junior ioneer raises A$80M, eyes accelerated construction at Rhyolite Ridge
(Kitco News) - ioneer (ASX: INR) reported today that the company has completed its fully underwritten institutional placement as announced on 4 March 2021.
According to the company’s statement, the placement saw strong demand from existing shareholders and new investors including high-quality international and domestic institutions. As a result, the placement was upsized by A$20 million, from A$60 million to A$80 million.
The company plans to use funds to accelerate the development of ioneer’s 100% owned Rhyolite Ridge lithium-boron project in Nevada, including: advancing detailed engineering (~60% completion) and vendor engineering to construction ready status; environmental, research and consulting expenses; discretionary substantive pre-construction activities; and working capital and general purposes.
ioneer anticipates receiving the final permits to commence construction, known as the record of decision, in the fourth quarter of 2021, with the final investment decision expected in late 2021 with construction commencing upon receipt of the final permit.
ioneer is the 100% owner of the Rhyolite Ridge lithium-boron project located in Nevada, USA, the only known lithium-boron deposit in North America and one of only two known such deposits in the world. The definitive feasibility study completed in April 2020 confirmed Rhyolite Ridge as a world-class lithium and boron project.