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Home / Rare Earths / L1 invests further $40m in Hastings’ Yangibana rare earths ambition

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L1 invests further $40m in Hastings’ Yangibana rare earths ambition

  • 28 March

Australia’s next rare earths producer Hastings Technology Metals Limited (ASX: HAS) has received a firm commitment from the company’s largest shareholder, L1 Capital Pty Limited, for a placement of 160,000,000 shares to raise a total of $40 million.

The new shares will be issued at a price of $0.25 per share, representing a 5.7% discount to the last traded price.

L1 Capital is a Melbourne-based global investment manager with a track record of successful investment in natural resources. L1 Capital has been a long-term investor in the rare earths and battery minerals sectors. Under the placement, Hastings will also issue L1 Capital with a one-for-two, free attaching unlisted option with an exercise price of $0.325 and an expiry date two years from the date of issue.

The placement proceeds, along with existing cash reserves, place Hastings in a strong financial position as it accelerates key workstreams and mine site works at its flagship Yangibana Rare Earths Project, in Western Australia’s Gascoyne region. Hastings will have a cash balance of $131 million upon settlement of the placement.

“This placement demonstrates the confidence in and commitment of L1 Capital to the Yangibana rare earths project,” Hastings’ executive chairman Charles Lew said.

“As outlined in our recent updated project economics announcement, we are well advanced in discussions with a range of funding partners in finalising the appropriate capital structure that best positions the company for bringing Yangibana into production by 2024.

“This placement enables Hastings to continue the current pace of project development, ensuring we deliver the next large-scale rare earths mine into a very strong market for our product.”

Peter Klinger

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