Hastings to raise funds for Yangibana

Hastings Technology Metals is planning to raise $22 million for the development of its Yangibana rare earths project in Western Australia.

Yangibana Hastings Fly Camp 2

The Yangibana camp. Image: Hastings Technology Metals.

Hastings Technology Metals intends to collect $22 million for the implementation of its Yangibana project in Western Australia.

The corporation will attempt to increase the funding of the project by releasing a portion of the rights that can be partially funded by the project. Shareholders of Hastings will be requested to pay for 9 new shares of ordinary value for every 20 shares they currently hold. This will take place on April 3rd, 2024. A rights issue that is completely subscribed will produce approximately 61.5 million new shares.

The Hastings governing board’s chair, Charles Lew, encouraged shareholders to participate, he noted that the purpose of the board was to participate. We are delighted to be able to provide our existing shareholders with the opportunity to participate in this current funding round, this will allow us to continue with the development of our project’s workstreams for the Yangibana project and serve as a link to the intended completion of the project’s funding.

Lew said. “All of the company’s members of the board and senior management team intend to participate in the rights issue, which is our conviction in the potential of the Yangibana project to be a leading producer of high quality rare earths, and our desire to become fully integrated from the start. ” Shareholders are urged to deviate from their entitlements in part or all.”

The findings will be employed to continue the development of Yangibana, including for working capital, long term equipment, advanced engineering, professional services, and project funding due diligence. Since the discovery of Yangibana in 2014,

Hastings has dedicated the project to exploration before beginning to construct it, the first production will be ready in 2025. The prospective mine is expected to have a life of over 17 years and to produce a total of 3400 tons of neodymium and praseodymium every year.

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