Ioneer (IONR) shares slumped more than 21% in recent Friday trading after the company secured commitments for about $50 million through an institutional placement to help fund development of its Rhyolite Ridge lithium-boron project in Nevada.
The Australian miner said it plans to issue about 400 million new shares priced at 0.18 Australian dollars ($0.13) each.
The proceeds will be used for long-lead items, early construction works, project readiness and other project-related costs as Ioneer advances toward a final investment decision and strategic partnerships, the company said.
New shares are expected to begin trading on the Australian Securities Exchange Feb. 6, the company said.
Price: 4.49, Change: -1.22, Percent Change: -21.37