Hastings Technology Metals Ltd (Hastings or Company) (ASX:HAS) is pleased to advise that it has received firm commitments for a capital raising of $15,500,000 before costs.
The Company will issue 77,500,000 new ordinary shares (24,500,000 issued under LR7.1 and 53,000,000 issued under LR7.1A) at a price of 20 cents per share. It is expected that the receipt of funds and issue of shares will be completed by 31August 2017.
The funds will be used for infrastructure works prior to processing plant construction. This will include construction of the Yangibana mine site access road, acquisition and commissioning of an accommodation camp and preliminary engineering design work on the production plant.
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.
Mr Charles Lew Executive Chairman T: +65-62209220 Mr Aris Stamoulis Corporate Finance Director T: +61-455-105-607
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