Following positive reception to a $12 million capital raising venture announced earlier this week, Hastings Technology Metals is to restructure its raising from a shareholder purchase plan to a non-renounceable 1-in-17 rights issue.
The company’s announcement on January 30 had been designed to offer shareholders an investment into a potential renewables-focused neodymium-praseodymium mine at the company’s Yangibana mine in the Gascoyne region of Western Australia.
Hastings is aiming for an eight-year mine life producing up to 15,000 tonnes of mixed rare earth carbonate per annum. It hopes to capitalise on the current electric vehicle (EV) boom, particularly in China following the announcement of its fossil-fuel vehicle ban in September last year.
“Numerous market trends continue to provide confirmation of a significant shift in the way we travel, generate energy, monitor and control our environment,” explained Charles Lew, executive chairman of Hastings. “The focus to reduce fossil fuel usage is now well established.”
The company said it decided to restructure the capital raising due to numerous enquiries from overseas shareholders. Lew went on to point out that the restructuring would allow for an “equitable mechanism” for participation from all shareholders where possible, and that a definitive feasibility study carried out by the company in November last year “confirmed compelling economics for the Yangibana project”.