Hastings Technology Metals (ASX: $HAS) announces rights issue to raise funds for Yangibana Project

Hastings Technology Metals Ltd (ASX: $HAS) has announced a pro-rata renounceable rights issue to raise up to $22.15 million before costs. The Rights Issue will offer eligible existing shareholders the opportunity to subscribe for nine (9) new fully paid ordinary shares for every 20 existing shares held at the Record Date of Wednesday, 3 April 2024. Additionally, one (1) free attaching listed option will be issued for every three (3) shares applied for and issued to eligible shareholders, with an exercise price of $0.50 and an expiry date of two years post-issue date.

Executive Chairman's perspective on the Rights Issue

We are pleased to be able to offer our existing shareholders the opportunity to participate in this current funding round which will facilitate the continuation of our project development workstreams for the Yangibana Project and act as a bridge to the planned completion of the project financing for the project. All of the Company's Board and senior management team intend to take up their entitlement in the Rights Issue, underlining our conviction in the Yangibana Project's potential to become a world-class rare earth operation and our long-term vision to become a fully integrated mine-to-magnet producer. Shareholders are encouraged to take up their entitlements in part or in full.

Summary of Hastings Technology Metals' Rights Issue announcement

Hastings Technology Metals Ltd (ASX: $HAS) has launched a pro-rata renounceable rights issue to raise up to $22.15 million before costs, with the proceeds contributing to working capital and ongoing development workstreams for the Yangibana Rare Earths Project. The Rights Issue offers eligible existing shareholders the opportunity to subscribe for new fully paid ordinary shares and free attaching listed options. The Company's Executive Chairman, Board, and Key Management Personnel intend to participate in the Rights Issue, demonstrating their confidence in the Yangibana Project's potential. The Rights Issue is partially underwritten to $8.75 million, and Canaccord Genuity has been appointed as lead manager. The Company encourages eligible shareholders to act promptly in submitting their application forms. The Rights Issue is a significant step in supporting the development of the Yangibana Project, which is poised to become a globally significant source of NdPr, crucial for advanced technology products including electric vehicles and renewable energy.