HAS is in a bit of a trading range.• Hastings has received firm commitments to raise $14.6 million (before costs) at $0.125 per share.
• An additional $3.1 million to be raised via a Conditional Placement and a further $3.0 million to be raised from a fully underwritten Share Purchase Plan.
• Strong interest received from existing shareholders and new institutional and sophisticated investors resulted in a significantly over subscribed Placement.
• Funds will be used to advance the company’s flagship Yangibana Project
Next RE producer (non-China) coming to production by 2023; construction targeted to start Q2 2021
Only Australian NdPr focused project that is shovel ready. Construction ... 6 mths; Commission & Ramp-up ... 24 months
Operations commencing 2021; Aim for the production of a minimum of 5,000t contained REO by 2025
..bankable feasibility study for Longonjo, alongside a final investment decision the roll out of the mine development plan and main financing of the Project is well on track for the development of the first major rare earth mine in over a decade.
Construction of Dubbo Project - mid 2012; Commissioning late 2023
Solid framework agreement will allow Export Credit Finance to be developed over the coming year, and then construction/start up over next 2 Years.
Strategy is to produce a saleable monazite concentrate to sell on an FOB / CIF basis to China ( undefined timeline)
As outlined in our recent updated project economics announcement, we are well advanced in discussions with a range of funding partners in finalising the appropriate capital structure that best positions the Company for bringing Yangibana into production by 2024.
Australia’s next rare earths producer Hastings Technology Metals Ltd (ASX: HAS) (Hastings or the Company) is pleased to announce that it has received significant interest from a number of different parties both in terms of debt and strategic equity (Strategic Financing).
- Hastings is looking to leverage its high grade NdPr project for exposure into downstream rare earths processing activities in Europe.
- Commenced early-stage discussions on partnerships with companies establishing facilities in Europe around rare earth oxides separation and feeding into magnet manufacturing operations emerging in Europe.
- Hastings’ European centric strategy and existing agreements with Schaeffler and thyssenkrupp and other commercial prospects have positioned the company to be a reliable long-term source of supply of rare earth feedstock to the European permanent magnets industry
- Multiple parties have expressed interest in advancing discussions in relation to debt and equity finance.
I would have thought Hastings near neighbours Dreadnought Resources would have done better today releasing some more good drilling results but currently down 10%. LNR not much better...TH ... necessary as the Company is in the process of a book build in relation to a capital raising.
Placement to Accelerate Development of the Yangibana Rare Earths Project
Highlights
• Firm commitments received for a A$110 million two-tranche Placement. Tranche 1 of the Placement raised A$67 million and tranche two of the Placement, which is subject to shareholder approval, is set to raise A$43 million.
• Strong demand received from high-quality Australian and international institutional investors, and existing shareholders, providing a strong endorsement for the Yangibana Rare Earths Project and Hastings’ development pathway.
• SPP for all eligible existing shareholders to raise up to A$10 million (before costs) to open on Wednesday, 14 September 2022 at the same price as the Placement (A$4.40 per share).
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