Iperionx Raises A$50M To Scale Titanium Manufacturing In Virginia

IperionX Ltd (ASX: IPX) (NASDAQ: IPX) has received firm commitments to raise A$50 million via a placement of shares at A$1.91 each.

Proceeds from the placement will be used to scale titanium manufacturing capacity at IperionX’s operations in Virginia, including:

  • New equipment at the Advanced Manufacturing Centre.
  • Final design and engineering studies to increase titanium production capacity to ~2,000 metric tons per annum at the Titanium Production Facility.

Strong support

Notably, IperionX Executive Chairman Todd Hannigan has subscribed for shares worth A$6.1 million under the placement.

Non-Executive Director Lorraine Martin also joined in, subscribing for shares worth A$0.3 million.

Titanium fasteners for US Army

Earlier this month, IperionX and Vegas Fastener Manufacturing partnered to develop a range of fasteners and components for the U.S. Army.

Read: IperionX And Partner To Deliver Titanium Fasteners For US Army

IperionX will provide titanium pre-forms and near-net shapes to Vegas Fastener that will be machined to final design specifications.

These titanium alloy fasteners and precision components will be manufactured for the U.S. Army Ground Vehicle Systems Center (GVSC).

Additionally, the partners will produce titanium fasteners for critical sectors such as aerospace, naval, oil & gas, power generation and chemical.

 

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