ASX-listed HastingsTechnology Metals Ltd. said April 11 that it has received commitmentsfrom several cornerstone investors to invest at least A$9.6 million in a primaryshare placement.

Hastings plans to issue 96 million shares at 10 cents each.

The price is a 28% premium to the last quoted share price, anda 42% premium to the 30-day volume-weighted average price.

Hastings is planning a second placement, issuing shares at 10cents each. The company plans to secure shareholder approval for the secondary placementon or around May 19.

The funds will be put toward bringing the Yangibana rare earths project in Western Australiato production. The company releaseda pre-feasibility study for the project April 8.

Hastings plans to commence production by the second quarter of2018.