Dispatch of Replacement Prospectus
Sydney, April 18, 2019 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (5AM:FRA) (Hastings or the Company) refers to its replacement prospectus dated 10 April 2019 for a partially underwritten non-renounceable rights offer to raise up to A$16.5 million (before costs) (Replacement Prospectus).
The Company confirms that dispatch to eligible shareholders of the Replacement Prospectus, together with the personalised Entitlement and Acceptance Forms, has occurred.
As announced on 9 August 2019 and in the Replacement Prospectus, shareholders who hold shares at 5pm (WST) on 15 April 2019 (Record Date), and have a registered address in Australia and New Zealand, may subscribe for shares in the Company at $0.17 per share, on the basis of 1 new share for every 8 shares held on the Record Date, together with one free attaching option, exercise price $0.25 with expiry date 12 April 2022, for every 2 new shares subscribed for.
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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