Business
Corporate Update - Hastings Technology Metals
Corporate Update - Hastings Technology Metals.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n\nCadence Minerals Plc\n \n(\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \nCorporate Update - Hastings Technology Metals\n \nCadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note the announcement by Hastings Technology Metals (ASX: HAS) (\"Hastings\") regarding the project financing process for the Yangibana Rare Earths Project (\"Yangibana Project\"). Hastings has agreed an at-the-market equity financing facility for up to $50 million with Alpha Investment Partners (\"AIP\").\n \nHighlights:\n \n· At-the-Market equity financing facility for up to $50 million established with AIP to provide working capital funding flexibility as project financing process is advanced\n· Project financing process for Yangibana Project advancing through first stage financiers' investment and credit committee approvals\n· Multiple non-binding financing proposals received from global mining funds and debt capital market investors to fund the Yangibana Project debt size in the order of the target gearing ratio of 60%\n· Discussions ongoing with Federal Government, following recent announcement of $2 billion expansion in critical minerals financing\n· Strategic partner and joint venture indicative proposals received from global mining funds\n· Certification of Green Financing Framework to enable issue of green finance instruments, accredited\nby Second Party Opinion (\"SPO\") provider, Det Norske Veritas (\"DNV\") Business Assurance Australia\n· Next steps include shortlisting preferred financier(s)/syndicated lender group to conduct final due diligence, long form term sheet, intercreditor terms (if required) and site visits.\n \nDuring the September quarter, Hastings completed early infrastructure works at the Yangibana Project, including the Kurrbili Accommodation Village, Yangibana Airstrip, access roads, production borefields, water pipelines and clearing and grubbing of the entire plant site.\n \nLink here to view the full Hastings announcement\n \nHastings Executive Chairman Charles Lew commented: \"Securing multiple indicative funding proposals is a significant milestone. We a...