Hastings Technology announced Placement and SPP to develop Yangibana Rare Earths Project

Hastings Technology Metals Ltd (ASX: HAS) has launched an AU$100 million two-tranche placement for the issue of ~22.7 million new fully paid ordinary shares at AU$4.40 per New Share. Tranche 1 of the placement is set to raise ~AU$67 million. Tranche 2 of the placement is conditional upon shareholder is set to raise ~AU$33 million.

Upon settlement of both the tranches, the Company would have a strong cash balance of ~A$237 million (before costs).

The proceeds of the placement will be used advance the development of the Yangibana Rare Earths Project. This project is on track for commissioning in 2024.

Besides, HAS will also undertake Share Purchase Plan (SPP) at the same price as the placement to raise up to AU$10 million.

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