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Hastings Technology raises A$12M for rare earths project in Australia

Hastings Technology Metals Ltd. raised A$12 million in a share placement for its Yangibana rare earths project in Western Australia and for general working capital.

Having received firm commitments, the company will now offer 83,916,084 new shares at 14.3 Australian cents apiece and 41,958,042 free-attaching options, with each option to be granted for every two new shares subscribed.

The options are exercisable for 25 cents apiece until April 12, 2022. The settlement of the placement is expected Dec. 16.

Hastings said Dec. 11 that long-term shareholders, including Chairman Charles Lew, supported the capital raising, with Lew agreeing to subscribe to 3,183,000 shares, subject to shareholder approval.

Canaccord Genuity (Australia) Ltd. was lead manager of the placement.

A November revised estimate increased Yangibana's probable ore reserves by 18% to 12.2 million tonnes and extended its mine life to 13 years from 11 years.