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- Hastings Technology Metals (HAS) has locked up its shares ahead of a capital raise announcement
- So far, shares are expected to stay frozen until August 26, unless HAS is able to make an announcement earlier
- At this stage, just how much the rare earths explorer is aiming to raise or what the funds will be used for is unclear
- In its latest quarterly result, Hastings revealed it went cashflow-negative by $33,000
- Still, HAS had nearly $9.5 million in the bank at the end of the quarter, meaning it had enough capital to get by for over four years at current spending levels
- Shareholders will find out if the fresh capital is just a boost to HAS’ bank balance or earmarked for something else by Wednesday
- Hastings shares last traded for 16 cents on August 21
Hastings Technology Metals (HAS) has locked up its shares ahead of a capital raise.
So far, shares are expected to stay frozen until Wednesday, August 26, unless HAS is able to make an announcement earlier.
At this stage, just how much the rare earths explorer is aiming to raise or what the funds will be used for is unclear.
Currently, the company is developing two rare earths projects on Australia’s west coast.
The 650-square-kilometre Yangibana project in WA’s Gascoyne region is prospective for neodymium, praseodymium, dysprosium and europium.
The project’s outstanding JORC mineral resource covers 21 million tonnes of rare earths material — 3.9 million tonnes of which are measured, 8.6 million tones are indicated, and 8.5 million tonnes are inferred.
Meanwhile, near Halls Creek in WA, Hastings’ Brockman deposit boasts 41.4 million tonnes of indicated and inferred mineral resource. To further investigate the deposit, the HAS team is working on a mining lease application so it can progress the Brockman Rare Earths and Rare Metals Project.
In its latest quarterly result, Hastings revealed it went cashflow-negative by $33,000. Over the June period, the junior explorer covered $792,000 in admin and corporate costs with a $736,000 government grant.
Still, HAS had nearly $9.5 million in the bank at the end of the quarter, meaning it had enough capital to get by for over four years at current spending levels.
Shareholders will find out if the fresh capital is just a boost to HAS’ bank balance or earmarked for something else by Wednesday.
Hastings shares last traded for 16 cents on August 21.
