PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals will raise A$12-million through a share placement to institutional and sophisticated investors.
The company on Wednesday announced that it had received firm commitment for the placement of more than 83.9-million shares, priced at 14.3c each, as well as 41.9-million free attaching options on the basis of one option for every two new shares issued.
The option will have an exercise price of 25c each, and an expiration date of April 2022.
Hastings told shareholders that the funds raised would go towards the development of the Yangibana rare earths project, as it progresses through construction.
The one-million-tonne-a-year Yangibana operation is expected to produce some 15 000 t/y of mixed rare earths carbonate, and about 8 850 t/y of total rare earth oxides, with Hastings expected to spend some A$517-million to bring the project on line.