Fully Underwritten Non-Renounceable $12.2m Rights Issue
Letter to Overseas Shareholders
Sydney, Feb 5, 2018 AEST (ABN Newswire) - On 2nd February 2018 Hastings Technology Metals Limited (
ASX:HAS) (Company) announced a fully underwritten non-renounceable pro rata offer to shareholders with a registered address in Australia or New Zealand (Eligible Shareholders) of 1 fully paid ordinary share for every 17 existing shares held as at 7:00pm (AEST) on 7th February 2018 (Record Date), at an issue price of $0.31 per new share (Rights Issue) to raise approximately $12.2 million (before costs). Attached is the Company's announcement to ASX (see link below).
The Company has decided that it is unreasonable to make offers under the Rights Issue to shareholders with a registered address outside Australia or New Zealand (Ineligible Shareholders), having regard to the number of such shareholders, their holdings and the compliance costs required to offer the Shares under the Rights Issue to those shareholders.
Unfortunately, since you are an Ineligible Shareholder, no offer is being made to you and the offer document prepared by the Company in relation to the Rights Issue will not be sent to you. However, the Company and underwriters have agreed, where it is lawful to do so, to place shortfall shares firstly with those Ineligible Shareholders who wish to acquire new shares up to a limit of one (1) share for every seventeen (17) Hastings ordinary shares held on the Record Date.
Should you wish to acquire further shares out of the shortfall, please contact the Company Secretary as follows:
Guy Robertson - guy.robertson@hastingstechmetals.com or telephone +61 2 9078 7674 or +61 407 983 270.
This letter is neither an offer to issue new shares to you, nor an invitation for you to apply for new shares, and any issue of new shares to you must comply with all applicable laws.
You do not have to take any further action in relation to the Rights Issue in the event you do not wish to subscribe for shortfall shares.
To view the full release, please visit:
http://abnnewswire.net/lnk/60H79TXN
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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