Australia's Hastings Technology Metals slumps on discounted placement

Hastings Technology Metals

07/09/2022 02:12

** Shares of Hastings Technology Metals Ltd  HAS.AX  fall as
much as 20.2% to A$4.350 in their biggest intraday pct drop
since Feb. 26, 2021
    ** Rare earths-focused explorer receives firm commitments to
raise A$110 mln ($73.85 mln) in a two-tranche placement (https://bit.ly/3x3q0AO)
 
    ** Co to issue about 25 mln new fully paid ordinary shares
at A$4.40 apiece, an 18.8% discount to last closing price on
Sept. 2
    ** Co says proceeds will be used to advance development of
the Yangibana project in Western Australia 
    ** More than 700,00 shares change hands, compared with the
30-day average of 86,000 shares 
    ** Stock had risen 4.2% this year, as of last close

($1 = 1.4894 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))