Ion Energy Ltd. announced a non-brokered private placement of 4,000,000 units at a price of CAD 0.25 per unit for aggregate gross proceeds of CAD 1,000,000 on July 20, 2023. Each unit consists of one common and one common share purchase warrant. Each warrant entitles the holder to acquire one share for CAD 0.40 for a period of 12 months after the closing of the offering, provided that in the event that the daily volume weighted average closing price of the Shares on the TSX Venture Exchange or a recognized Canadian stock exchange equals or exceeds CAD 0.60 for a period of 20 consecutive trading days then the company may accelerate the expiry date of the warrants.

The securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day from the issuance. The transaction is subject to the approval of all necessary regulatory authorities and approval of the TSXV. In connection with the offering, the company paid to finders an aggregate cash commission of CAD 26,100.

The company announced that the Toronto Stock Exchange Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement. The transaction included participation from 18 placees and 3 total existing insider involvement of 260,000 units.