- Hyperion Metals (HYM) ends the week in a trading halt while it plans the details of an upcoming capital raising
- The company will remain in the halt until August 24 or when more details regarding the raise are released, whichever occurs first
- On August 9, Hyperion revealed metallurgical testwork confirmed high value heavy rare earths at its Titan Project in Tennessee
- Rare earths are critical to the manufacturing of strategic products such as airplanes, electric motors and defence equipment
- Shares in Hyperion last traded at $1.28 on August 19
Hyperion Metals (HYM) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until August 24 or when more details regarding the raise are released, whichever occurs first.
Hyperion is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 9, Hyperion revealed metallurgical testwork confirmed high value heavy rare earths at its Titan Project in Tennessee.
These rare earths are contained within monazite and xenotime and make up 58.7 per cent of the samples.
Neodymium and praseodymium are 21.2 per cent of the rare earth oxides while terbium and dysprosium make up 2.4 per cent of the heavy rare earths.
Rare earths are critical to the manufacturing of strategic products such as airplanes, electric motors and defence equipment.
In its June quarterly, Hyperion revealed it had burnt through nearly $2.95 million with the majority going towards exploration and evaluation.
The company also invested $161,000 in its tenements.
As of June 30, Hyperion had $2.29 million in total available funding, representing 0.8 quarters of use if spending levels remain the same.
This hasn’t phased the company as it has 12.6 million listed options on issue and expects to raise $2.5 million through the issue.
So far, Hyperion has exercised three million of the options to raise $600,000.
Shares in Hyperion last traded at $1.28 on August 19. The company has a $147.4 million market cap.