Hastings Technology Metals Ltd: Completion of Capital Raise
Sydney, Australia - Hastings Technology Metals Ltd. (Hastings or Company) (ASX:HAS) is pleased to advise that it has completed the capital raising announced on 6 August 2018, raising $13,978,231, before costs.The Company has issued 66,563,708 new ordinary shares under LR7.1 at a price of 21 cents per share.
The funds will be used for further development of the Yangibana rare earths project, and in particular to enable the order of the long lead time equipment for the processing plant, being the rotary kiln and the sulphuric acid plant.
About Hastings Technology Metals Ltd:
Hastings Technology Metals Ltd. (ASX:HAS) is a leading Australian rare earths company, with two rare earths projects hosting JORC-compliant resources in Western Australia.
- 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.
Source:
Hastings Technology Metals Ltd.
Contact:
Mr Charles Lew Executive Chairman T: +65-62209220 Mr Guy Robertson Finance Director T: +61-407-983-270