Andrew Forrest’s Wyloo lent $150 million to Hastings Technology Metals in late August.
Fund managers reckoned Hastings would definitely take the $70 million odd available under its placement capacity and could go up to $100 million after adding the second tranche. They expected the proceeds to be used for Yangibana and Onslow projects. as it preps to start construction at Yangibana rare earths project in Western Australia’s Gascoyne region.Advertisementvia secured, redeemable, exchangeable notes on August 26. At the time, Wyloo’s investment represented about 34 per cent of the $435 million market capitalisation that Hastings. .
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