Eligible shareholders are those who are registered holders of ordinary shares in the Company as at
Hastings has made significant progress during 2019/2020:
- 18% increase in ore reserves, extending the mine life to 13 years
- Subsequently a 73% increase in mineral resources at Simon's Find
- Potential to increase mineral resources demonstrated by further drilling at Auer and Yangibana
- State and Federal Government Environmental Approvals received
- DRA Pacific awarded the Engineering, Procurement and Construction and Management (EPCM) contract
- Master Supply Agreement signed with Schaeffler, a global Tier 1 automotive industry component supplier
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- In principle eligibility for
The SPP will enable shareholders to participate by acquiring additional shares without incurring transaction costs. The SPP is fully underwritten and the Directors and senior management have confirmed their participation in the SPP.
Under the Plan, eligible shareholders may subscribe for up to
The issue price is at a 21.9% discount to the last traded price of
The Company is offering up to 24,000,000 New Shares under the Plan to raise
An offer booklet, attached, will be mailed to eligible shareholders on Monday,
The funds raised from the SPP will be used to fund the following ongoing work:
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.
To view the timetable, please visit:
https://abnnewswire.net/lnk/09O0TJJL
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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