Hastings Technology Metals Receives $40m via placement to L1 Capital
- Rare earths producer Hastings Technology Metals (HAS) has received $40 million from its largest shareholder, L1 Capital, via a strategic placement of 16 million shares
- The new shares will be issued at 25 cents each, representing a 5.7 per cent discount to the last traded price
- Hastings has said that the placement puts the company in a strong financial position, with a cash balance of $131 million upon placement settlement
- Funds raised will be. used to accelerate key work streams and mine site works at its flagship Yangibana Rare Earths Project in the Gascoyne region of Western Australia
- HAS shares were up 1.89 per cent, trading at 27 cents each
