Hastings Technology Metals Ltd. said June 2 that it intends to raise A$5 million through a fully underwritten placement of 58,139,534 shares to eligible shareholders.

The placement allows eligible shareholders to subscribe up to A$15,000 worth of shares at 8.6 cents each, subject to a discretionary scale-back in the event that shareholder demand exceeds the offer amount.

Proceeds will fund preliminary work prior to the start of mine construction at the Yangibana rare earths project in Western Australia.

This will include infill drilling and drilling of new targets, preliminary engineering design for mine infrastructure and process plant, and optimization to increase recovery and concentrate grades.