The Company has issued 81,125,000 new ordinary shares (28,125,000 issued under LR7.1 and 53,000,000 issued under LR7.1A) at a price of 20 cents per share. This excludes placement shares to be subscribed for by Directors, subject to shareholder approval at a general meeting to be held on 29 September 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.
About Hastings Technology Metals Ltd
- The Yangibana Project hosts JORC Resources totalling 20.56 million tonnes at 1.18% TREO (comprising Measured Resources of 3.79 million tonnes at 1.18% TREO, Indicated Resources of 8.24 million tonnes at 1.27% TREO and Inferred Resources of 8.53 million tonnes at 1.11% TREO), including 0.40% Nd2O3+Pr6O11.
- The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb2O5 and 0.90% ZrO2.
- Rare earths are critical to a wide variety of current and new technologies, including smart phones, electric vehicles, wind turbines and energy efficient light bulbs.
- The Company aims to capitalise on the strong demand for rare earths permanent magnets created by expanding new technologies.
Hastings Technology Metals Ltd