Share Placement Raises $12 million
Perth, Dec 11, 2019 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (5AM:FRA) is pleased to advise that it has received firm commitments to raise A$12 million before costs in a share placement to institutional and sophisticated investors (Placement).
Canaccord Genuity (Australia) Limited acted as Lead Manager to the Placement.
The Company will issue 83,916,084 new ordinary Shares at a price of 14.3 cents per share, and 41,958,042 free attaching options under LR7.1 on the basis of one option for every two new shares subscribed. The options will be listed (ASX:HASO) with an exercise price of 25 cents and an expiry date of 12 April 2022. Settlement of the Placement is expected to occur on 16 December 2019.
The capital raising was well supported by long term shareholders, including the Chairman, Mr Charles Lew, who will participate for 3,183,000 shares, subject to shareholder approval.
Funds raised will be used to further the development of the Yangibana Rare Earths Project as it progresses to construction and for working capital.
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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