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Hastings Technology Metals Ltd to raise capital by selling shares

Published by
Global Mining Review,

Hastings Technology Metals Ltd has received firm commitments for a capital raising of AUS$15 500 000 before costs

To raise this capital the company will issue 77 500 000 new shares (24 500 000 issued under LR7.1 and 53 000 000 issued under LR7.1A) at a price of 20 cents per share. Hastings expects that the receipt of funds and issue of shares will be completed by the end of August. Such funds will be used for infrastructure works prior to processing plant construction.

Following this placement, the company has exhausted its LR 7.1 and LR7.1A capacity and accordingly, a notice of meeting is to be mailed to shareholders shortly which outlines resolutions to refresh the company’s placement capacity and to seek shareholder approval for the participation of the Directors’ in this and the previous capital raising.

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