Placement
The Placement will raise approximately
The offer price of
New Shares are expected to be issued on or around Tuesday,
SPP and Conditional Placement
The Company received applications significantly in excess of the Placement size. Taking this into consideration and the broad shareholder base of more than 2,000 shareholders within
Given the significant level of demand and to accommodate as many new investors as possible, a number of cornerstone investors who anchored the Placement prior to launch had to be significantly scaled back. The Company has elected to increase the size of the Placement by approximately
The Company's Chairman, Mr
New shares issued under the Placement and shares issued for the SPP and Conditional Placement will rank equally with existing fully paid shares of the Company. Total funds raised under the Placement, SPP and Conditional Placement are expected to total approximately
Use of Funds
Funds raised from the Capital Raise will be used to:
a) Procure equipment arising from the decoupling of the beneficiation plant and the hydrometallurgy plant;
b) Further engineering design;
c) Grade and resource drilling to increase mining reserves;
d) Mine site works; and
e) Working capital.
Commenting on the capital raising, Hastings Executive Chairman,
"It is gratifying to see the strong interest from new investors in the Hastings story and testament to the hard work done by the Company's management team in recent months to advance our world-class Yangibana rare earths project from a technical, financial, regulatory and customer point of view.
"I welcome the new investors onto the Hastings register and look forward to offering the same terms to our existing loyal shareholder base through the SPP and Conditional Placement.
"The funds from the capital raising will enable us to continue to drive the Yangibana rare earths project forward alongside our target to begin construction next year."
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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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