# Cadence Minerals JV partner Hastings Technology Metals raises $14.6 million in placing

- Link: https://www.directorstalkinterviews.com/cadence-minerals-jv-partner-hastings-technology-metals-raises-14-6-million-in-placing/412854573
- Published: 2020-08-26T10:40:00+01:00
- Author: Amilia Stone

**[Cadence Minerals](https://www.directorstalkinterviews.com/company/cadence-minerals-plc/kdnc.l)
plc** (LON:KDNC) has noted that Hastings Technology Metals, Cadence’s joint venture
partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia,
has received firm commitments to raise $14.6 million (before costs) at $0.125 per
share. An additional $3.1 million will also be raised via a Conditional Placement
and a further $3.0 million will be raised from a fully underwritten Share Purchase
Plan.

Strong interest has been received from existing shareholders and new institutional
and sophisticated investors, resulting in a significantly over subscribed Placement.
Hastings Executive Chairman, Mr Charles Lew, will participate in the raise for an
amount of $0.5 million, subject to shareholder approval at the Annual General Meeting
in November 2020. Total funds raised under the Placement, SPP and Conditional Placement
are expected to total approximately $20.7 million.

Funds raised will be used to:

·      Procure equipment arising from the decoupling of the beneficiation plant 
and the hydrometallurgy plant;

·      Further engineering design;

·      Grade and resource drilling to increase mining reserves;

·      Mine site works;

·      Working capital.

The full HAS release can be found at: https://www.asx.com.au/asxpdf/20200826/pdf/
44lxkj9nw2b91q.pdf

> **Hastings Executive Chairman, Charles Lew said:** “It is gratifying to see the
> strong interest from new investors in the Hastings story and testament to the 
> hard work done by the Company’s management team in recent months to advance our
> world-class Yangibana rare earths project from a technical, financial, regulatory
> and customer point of view. I welcome the new investors onto the Hastings register
> and look forward to offering the same terms to our existing loyal shareholder 
> base through the SPP and Conditional Placement. The funds from the capital raising
> will enable us to continue to drive the Yangibana rare earths project forward 
> alongside our target to begin construction next year.”

> **Cadence CEO Kiran Morzaria commented:** “We are pleased to note that strong 
> interest in Hastings Technology Metals and the Yangibana project has resulted 
> in an oversubscribed placing. These funds, along with the prospect of commencement
> of mine construction next year provide a positive read-over into the value and
> future potential of our joint venture with Hastings. We look forward to further
> developments.”

**Cadence Minerals Yangibana Holding:**

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the
Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“
Hastings”). Further details of our ownership the mineral resources and reserves 
on our jointly held leases can be found at: https://www.cadenceminerals.com/projects/
yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas(
Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year
13). Further details can be found in the Hastings 2019 Annual Report

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