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Receives Firm Commitments for $15.5m Capital Raising
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 currently developing a rare earths mine and processing plant at Yangibana in the Gascoyne Region of Western Australia. The processing plant is anticipated to commence production of MREC in late 2019. Hastings has completed both beneficiation and hydrometallurgy pilot plants, in the process producing MREC samples which are high in neodymium and praseodymium content. These are critical materials for the production of permanent magnets and other technology applications. The MREC will be capable of being further separated and refined to produce a number of individual rare earth oxides outside of Australia. Hastings estimates an annual production quantity of 15,000 tonnes of MREC which it will sell to offtake partners globally.

 


Contact

Mr Charles Lew
Executive Chairman
T: +65-62209220

Mr Aris Stamoulis
Corporate Finance Director
T: +61-455-105-607



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