ioneer Ltd (ASX:INR) has gained a substantial shareholder in Centaurus Capital L.P, which now holds a 7.84% stake with more than 131.5 million shares.
This status was reached after US-based Centaurus acquired 100 million fully paid shares worth $20 million in ioneer's recent $40 million placement.
Completion of placement
The placement was successfully completed in November 2019 aimed at advancing the development of ioneer's Rhyolite Ridge Lithium-Boron Project in Nevada, USA.
It was fully subscribed, reflecting strong support for the company driven by an ongoing interest in the project by existing shareholders and new investors, including high-quality domestic and offshore institutions.
Goldman Sachs and Ord Minnett acted as joint lead managers, book-runners and underwriters to the placement.
Proceeds from the placement will be used to progress the project by funding ioneer through to a final investment decision including:
- Completion of the definitive feasibility study (DFS);
- Advance detailed engineering beyond the DFS to about 50% completion;
- Completion of the environmental approval process; and
- Ongoing working capital and potential long lead time items.
The company is today trading at 18.5 cents after reaching a new 12-month high of 27 cents in November.