Australia's Hastings Technology Metals hits record low on discounted placement

Hastings Technology Metals

27/03/2024 24:35

** Shares of Hastings Technology Metals  HAS.AX  fall as
much as 30.6% to an all-time low of A$0.420
    ** Stock currently down 25.6%, faces worst day since Jan.
22, 2009 if current losses hold
    ** Non-gold precious metals miner says it is undertaking a
pro-rata renounceable rights issue to raise up to A$22.15
mln($14.47 mln) at an issue price of A$0.36 per share
    ** Issue price represents discount of 40.5% to last close
    ** Co says proceeds will contribute to working capital and
ongoing development workstreams for Yangibana Rare Earths
Project
    ** More than 1.9 mln shares change hands, compared with the
30-day average volume of 291,600 shares
    ** Stock had fallen 17.7% this year, as of last close
        
($1 = 1.5309 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))