IperionX shares lift following $70m capital raise
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The news: IperionX's share price lifted as it resumed trading after the titanium alloy manufacturer announced the completion of a $70 million equity raise.
The numbers: IperionX has received firm commitments for a placement of 14 million new fully paid ordinary shares at $5 each, representing a 6% discount on the last close price of $5.30 and a 2% discount on the five-day volume-weighted average price.
At 11:39am AEST, shares in IperionX had lifted 4.2% to $5.52.
Of the new shares to be issued, IperionX’s executive and non-executive directors subscribed for 433,230 worth about $2.2 million. This is subject to shareholder approval.
The other new shares will be issued on or about 29 July. On 30 June, IperionX had USD55 million in cash, according to its quarterly report.
The context: The funding will support IperionX’s ongoing work with the US Department of Defense by enabling it to order long-lead capital items to accelerate planned scale-up titanium production capacity.
IperionX’s Titan critical minerals project definitive feasibility study is on track for completion by the second quarter of 2026. The heavy mineral sand deposit in West Tennessee is expected to deliver a supply of titanium and heavy rare earths like dysprosium and terbium.
