Rights Issue Closing Date Extended
Sydney, April 29, 2019 AEST (ABN Newswire) - On 10 April 2019, Hastings Technology Metals Ltd (
ASX:HAS) (Hastings or the Company) lodged a replacement prospectus with ASIC in respect of a partially underwritten non-renounceable rights offer to raise up to A$16.5 million (before costs) (Replacement Prospectus).
The Company advises that due to delays in a number of shareholders receiving the Replacement Prospectus due to Easter public holidays, the Board has resolved to extend the Closing Date of the Offer to 5.00pm (WST) on Wednesday 8 May 2019.
As a result of this change, the updated Indicative Timetable for the Offer is as follows:
Event: Last day to extend the Rights Issue Offer closing date
Date: Monday, 29 April 2019
Event: Closing Date of Rights Issue Offer
Date: Wednesday, 8 May 2019
Event: Securities quoted on a deferred settlement basis
Date: Thursday, 9 May 2019
Event: Shortfall notification date
Date: Monday, 13 May 2019
Event: Issue of Rights Shares and Deferred Settlement Trading Ends
Date: Wednesday, 15 May 2019
Event: Anticipated date for dispatch of holding statements for Rights Shares and Rights Options
Date: Wednesday, 15 May 2019
The above dates are indicative only and may change without notice. The Company reserves the right to extend the Closing Date or close the Offer early without notice.
If shareholders require replacement documentation please contact the Company Secretary (guy.robertson@hastingstechmetals.com) who will reissue electronically.
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.
| ||
|
