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Hastings Technology Metals Ltd (ASX:HAS) advises that the take up by underwriters of the shortfall shares under the fully underwritten (one for seventeen) non-renounceable rights issue announced on 2 February 2018 is now complete.

The rights issue raised approximately $12.2 million before costs.

A summary of shares on issue following completion of the issue of shares to underwriters is as follows:
Event                                       Number of Shares 
Shares Currently on Issue                        677,301,700
Shares taken up by the underwriters               33,710,975
Total shares after rights issue                  711,012,675 

About Hastings Technology Metals Ltd

Hastings Technology Metals Ltd (ASX:HAS) 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.



Hastings Technology Metals Ltd
Telephone: +61-2-9078-7674

Link: Rights Issue Completion of Shortfall Take Up By Underwriters

Related Companies

Hastings Technology Metals Ltd

Related Industry Topics:
Mining Rare Earths