Part Placement of Rights Issue Shortfall
Part Placement of Rights Issue Shortfall
Sydney, June 6, 2019 AEST (ABN Newswire) - Hastings Technology Metals Ltd (FRA:5AM) (ASX:HAS) is pleased to advise that it has placed a further 12,000,000 shares of the rights issue shortfall raising a further $2,040,000.

The rights issue announced on 9 April 2019 sought to raise $16.5 million through the issue of 97,058,823 shares at 17 cents per share and free attaching options on the basis of one option for every two new shares.

In summary the Company has raised approximately $8.4 million through the issue of 49,383,709 new shares and 24,691,883 options.

The options (ASX HASO) were listed on 17 May 2019.


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.

 


Contact

Charles Lew
Chairman
T: +65-9790-9008 /+61-8-6117-6118

Andrew Reid
Chief Operations Officer
T: +61-487-888-787



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