Hastings Rare Metals (ASX: HAS) has been granted a trading halt by the ASX pending the release of a proposed capital raising announcement, with the company's shares placed in pre-open.
Hastings has not yet indicated where the potential inflow of funds will be allocated, but the company is a very interesting one with some highly prospective projects in Western Australia.
These include the wholly owned Hastings Project, which contains one of Australia’s largest heavy rare earth resources, including significant dysprosium and yttrium, with niobium and zirconium.
Drilling at the project in 2011 delivered a JORC Resource comprising; 36.2 million tonnes at 2102ppm (0.21%) total rare earth oxides, including 85% heavy rare earth oxides, 3546ppm (0.35%) Nb2O5, and 8913ppm (0.89%) ZrO2.
Hastings also has a 60% stake Yangibana Project, with average grades of circa all 1.7% to 2.0% total rare earth oxides with high grades of neodymium.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 8 February.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24911/hastings-rare-metals-in-pre-open-pending-capital-raising-announcement-24911.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment