Ionic Rare Earths (ASX:IXR) completed its renounceable rights issue, closing oversubscribed, raising about $6.1 million, according to a Tuesday filing with the Australian bourse.

The company also raised a further $9.5 million, including the previously disclosed $1.1 million, through a placement, with new shares issued at $0.016 apiece, the filing said.

One option is being issued for every new share subscribed, exercisable at $0.025 before Sept. 30, 2028.

The placement was anchored by a $3 million investment from US-based Argentem Creek Partners, per the filing.

Shares rose 23% in afternoon trade on recent Tuesday trade and earlier reached their highest since February 2023.