Hastings (ASX: HAS) looks for $100M Yangibana raise

Hastings Technology Metals has launched a $100 million two-tranche placement to advance the Yangibana Rare Earths Project, which remains on track for commissioning in 2024.

• Tranche 1 of the Placement is set to raise approximately A$67 million, and tranche two of the Placement, subject to shareholder approval, is set to raise approximately A$33 million.
• Upon settlement of both tranches of the Placement, Hastings will have a strong cash balance of ~A$237 million (before costs).
• Non-underwritten SPP for eligible existing shareholders to raise to A$10 million (before costs) at the same price as the Placement (A$4.40 per share).

The company ASX shares are $5.42.

About Hastings Technology Metals

Hastings Technology Metals Ltd is a leading Australian rare earth company. Rare earth is critical in manufacturing a wide variety of new consumer and industrial technologies—from flat-screen TVs and energy-efficient light bulbs to hybrid cars, wind turbines and military hardware.

Hastings is an ASX-listed exploration and development company currently concentrating its efforts on its two rare earth projects in Western Australia.