Rare earths company Hastings Technology Metals has launched a $100 million two-tranche placement for the issue of 22.7 million new shares at an offer price of $4.40 apiece.
The company is set to raise $67 million in the first tranche, and $33 million in the second tranche.
The funds will be used to advance the development of the Yangibana rare earths project which remains on track for commissioning in 2024.