Ionic Rare Earths Limited (ASX:IXR) entered into a share purchase agreement to acquire 34% stake in Makuutu Rare Earth Project from Rwenzori Rare Metals Limited for AUD 24.8 million on December 11, 2023. IonicRE will issue 425 million shares to REEA at completion and will pay Performance Rights 700 million in 2 Tranches. Completion under the SPA is subject to a number of reasonably standard conditions precedent for a transaction of this nature including Ionic Rare Earths Limited obtaining approval from its shareholders to issue the consideration Shares and consideration rights and obtaining necessary regulatory approvals in respect of the Transaction including from the Financial Surveillance Department of the South African Reserve Bank and the Minister of Energy and Mineral Development in Uganda.

Transaction is expected to close in Q1 2024.