Sydney - Hastings Technology Metals Ltd. (ASX:HAS) advises that the take up by underwriters of the shortfall shares under the fully underwritten (one for seventeen) non-renounceable rights issue announced on 2 February 2018 is now complete.
The rights issue raised approximately $12.2 million before costs.
A summary of shares on issue following completion of the issue of shares to underwriters is as follows:
------------------------------------------------------------------- Event Number of Shares ------------------------------------------------------------------- Shares Currently on Issue 677,301,700 Shares taken up by the underwriters 33,710,975 ------------------------------------------------------------------- Total shares after rights issue 711,012,675 -------------------------------------------------------------------
About Hastings Technology Metals Ltd:
Hastings Technology Metals Ltd. (ASX:HAS) (FRA:5AM) 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 late 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 separated and refined to produce a number of individual rare earth oxides outside of Australia. Hastings estimates an annual production quantity of 15,000 tonnes of MREC¹ which it will sell to offtake partners globally.
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Sydney - Hastings Technology Metals Ltd. (ASX:HAS) advises that the take up by underwriters of the shortfall shares under the fully underwritten (one for seventeen) non-renounceable rights issue announced on 2 February 2018 is now complete.
