Share Placement Raises $12 million
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
- The Yangibana Project hosts Probable Reserves totaling 5.15 million tonnes at 1.12% TREO including 0.45% Nd2O3+Pr6O11 within JORC Resources totalling 21.0 million tonnes at 1.17% TREO (comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% 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