American titanium metal and critical materials company IperionX has successfully secured a significant placement of 21 million new fully-paid ordinary shares — priced at $1.25 per share, this could generate a gross proceed of $26.3 million (approximately US$16.7 million).
Led by stalwart supporters and existing shareholders — including B Riley Principal Investments, Fidelity International and Inherent Group — this placement highlights the unwavering confidence in IperionX’s vision and strategic plans.
These plans are centered around re-shoring US 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 IperionX technology and patent portfolio advisor Ray Nimrod.
As a significant long-term shareholder and advisor to the company, Nimrod’s participation further solidifies the trust in the trajectory of IperionX.
His reputation as a renowned expert in technology patent law, and 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 $1.25 per New Share is strategically set at a 14.5 per cent premium to the five day VWAP and a 3.2 per cent discount to the 30-day VWAP.
The company is on track to issue the Placement shares on or about 3 November 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.