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Hastings Technology Metals Raises AU$1 Million Via Strategic Placement to Malaysia's Malaco Mining

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Hastings Technology Metals (ASX:HAS) said Malaco Mining agreed to make a strategic investment of AU$1 million via a placement of 2.7 million fully paid ordinary shares at AU$0.365 per share, according to a Tuesday Australian bourse filing.

Malaco Mining is a Malaysian mining company established in 2005, focused on mineral exploration and development in the Asia-Pacific, with key projects in Malaysia and Australia, the filing added.

Hastings intends to apply the proceeds toward general working capital and to support its rare earths strategy in Australia and Thailand, including the ongoing advancement of its rare earths project pipeline and Thai-based hydromet plant, with Malaco's investment providing additional balance sheet flexibility, it added.

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