Placement
The Placement will comprise the issue of approximately 301.1 million New Shares and will be conducted at an offer price of
- A 20.8% discount to the last close price on
- A 9.9% discount to the five-day volume weighted average price of
Each New Share issued under the Placement will rank pari passu with existing shares on issue. The new shares will be issued under the Company's existing placement capacity under ASX LR 7.1 for 180,646,814 shares and ASX LR 7.1A for 120,431,209 shares. For the purposes of LR7.1A the 15-day VWAP is
Settlement of the New Shares issued under the Placement is expected to occur on Friday,
Further Placement
The Company reserves the right to undertake a second-tranche placement to accommodate sophisticated and institutional investors who were unable to participate in the Placement (Tranche Two Placement).
The Tranche Two Placement will be undertaken at the same
Use of Funds
Funds raised from the Placement and the Tranche Two Placement will be used to fund the advance of Hastings' world-class
- Procurement of long-lead item equipment;
- Front-end engineering plant design;
- Mine site works - camp installation, access road construction, civil plant base earthworks, water bore and pipeline installation, IT backbone tower installation; and
- Working capital.
"Hastings is making significant progress advancing our world-class Yangibana rare earths project at a time when global demand for neodymium and praseodymium is rising rapidly. Yangibana's geology includes world-class levels of neodymium and praseodymium, two of the vital components needed for the clean energy revolution.
"The underwriting of this placement by
"We delivered substantial exploration success at Yangibana in 2020, which we expect to convert into an upgrade to the project's Mineral Resource and mine life later this quarter. Our strategy to decouple the beneficiation and hydrometallurgical plants has resulted in significant capex savings and comes with a number of other benefits for the project's long term development strategy."
To view the placement timetable, please visit:
https://abnnewswire.net/lnk/235ANLDL
About
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
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.
The Brockman deposit, near
The Company is also progressing a
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
Contact:
Chairman
T: +65-6220-9220 /+61-8-6117-6118
Chief Operations Officer
T: +61-487-888-787
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