Fully Underwritten Non-Renounceable $12.2m Rights Issue
Letter to Overseas Shareholders
The Company has decided that it is unreasonable to make offers under the Rights Issue to shareholders with a registered address outside Australia or New Zealand (Ineligible Shareholders), having regard to the number of such shareholders, their holdings and the compliance costs required to offer the Shares under the Rights Issue to those shareholders.
Unfortunately, since you are an Ineligible Shareholder, no offer is being made to you and the offer document prepared by the Company in relation to the Rights Issue will not be sent to you. However, the Company and underwriters have agreed, where it is lawful to do so, to place shortfall shares firstly with those Ineligible Shareholders who wish to acquire new shares up to a limit of one (1) share for every seventeen (17) Hastings ordinary shares held on the Record Date.
Should you wish to acquire further shares out of the shortfall, please contact the Company Secretary as follows:
Guy Robertson - firstname.lastname@example.org or telephone +61 2 9078 7674 or +61 407 983 270.
This letter is neither an offer to issue new shares to you, nor an invitation for you to apply for new shares, and any issue of new shares to you must comply with all applicable laws.
You do not have to take any further action in relation to the Rights Issue in the event you do not wish to subscribe for shortfall shares.
To view the full release, please visit:
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 MREC¹ which it will sell to offtake partners globally.
Hastings Technology Metals Ltd