Hastings advances
1 February 2012
SYDNEY, Feb 9 – Australian rare earths company Hastings Rare Metals is ready to advance its Hastings project in the East Kimberley Region of Western Australia after receiving firm commitments for a A$5.3M placement.
Hastings says the placement of 53M shares at 10c has been significantly oversubscribed, with support coming from a number of institutional and sophisticated investors, including two cornerstone Asian institutions.
Technical director Steve Mackowski says the successful fund-raising will see work escalate over the next 12-15 months towards a pilot plant and bankable feasibility study.
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