Receives Firm Commitments for $15.5m Capital Raising
Sydney, Aug 21, 2017 AEST (ABN Newswire) - Hastings Technology Metals Ltd (Hastings or Company) (
ASX:HAS) is pleased to advise that it has received firm commitments for a capital raising of $15,500,000 before costs.
The Company will issue 77,500,000 new ordinary shares (24,500,000 issued under LR7.1 and 53,000,000 issued under LR7.1A) at a price of 20 cents per share. It is expected that the receipt of funds and issue of shares will be completed by 31August 2017.
The funds will be used for infrastructure works prior to processing plant construction. This will include construction of the Yangibana mine site access road, acquisition and commissioning of an accommodation camp and preliminary engineering design work on the production plant.
Following this placement, the company has exhausted its LR 7.1 and LR7.1A capacity and accordingly, a notice of meeting is to be mailed to shareholders shortly which outlines resolutions to refresh the Company's placement capacity and to seek shareholder approval for the participation of the Directors' in this and the previous capital raising.
About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
Brockman Project
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
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