(MENAFN- ABN Newswire) Sydney, Sep 4, 2017 AEST (ABN Newswire) - Hastings Technology Metals Ltd (Hastings or Company) () is pleased to advise that it has completed the capital raising announced on 21 August 2017, raising $16,225,000, before costs.
The Company has issued 81,125,000 new ordinary shares (28,125,000 issued under LR7.1 and 53,000,000 issued under LR7.1A) at a price of 20 cents per share. This excludes placement shares to be subscribed for by Directors, subject to shareholder approval at a general meeting to be held on 29 September 2017.
The funds will be used for infrastructure works prior to processing plant construction. This will include construction of the Yangibana mine site access road, acquisition and commissioning of an accommodation camp and preliminary engineering design work on the production plant.
About Hastings Technology Metals Ltd
() () is currently developing a rare earths mine and processing plant at Yangibana in the Gascoyne Region of Western Australia. The processing plant is anticipated to commence production of MREC in 2H 2019. Hastings has completed both beneficiation and hydrometallurgy pilot plants, in the process producing MREC samples which are high in neodymium and praseodymium content. These are critical materials for the production of permanent magnets and other technology applications. The MREC will be capable of being further refined and treated to produce a number of separated rare earth oxides outside of Australia. Hastings estimates an annual production quantity of 15,000 tonnes of MREC, which it will sell to offtake partners.
The Yangibana Project hosts JORC Resources totalling 17.02 million tonnes at 1.27% TREO (comprising Measured Resources of 2.92 million tonnes at 1.04% TREO, Indicated Resources of 7.19 million tonnes at 1.43% TREO and Inferred Resources of 6.90 million tonnes at 1.21% TREO), including 0.41% Nd2O3+Pr6O11.
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