Hyperion Metals (ASX:HYM) halts trade, plans capital raise
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Hyperion Metals (HYM) ends the week in a trading halt while it plans the details of an upcoming capital raising
The company will remain in the halt until August 24 or when more details regarding the raise are released, whichever occurs first
On August 9, Hyperion revealed metallurgical testwork confirmed high value heavy rare earths at its Titan Project in Tennessee
Rare earths are critical to the manufacturing of strategic products such as airplanes, electric motors and defence equipment
Shares in Hyperion last traded at $1.28 on August 19
Hyperion Metals (HYM) has ended the week in a trading halt while it plans the details of an upcoming capital raising.
The company will remain in the halt until August 24 or when more details regarding the raise are released, whichever occurs first.
Hyperion is yet to disclose how much it intends to raise or what it will use the funds for once received.
On August 9, Hyperion revealed metallurgical testwork confirmed high value heavy rare earths at its Titan Project in Tennessee.
These rare earths are contained within monazite and xenotime and make up 58.7 per cent of the samples.
Neodymium and praseodymium are 21.2 per cent of the rare earth oxides while terbium and dysprosium make up 2.4 per cent of the heavy rare earths.
Rare earths are critical to the manufacturing of strategic products such as airplanes, electric motors and defence equipment.
In its June quarterly, Hyperion revealed it had burnt through nearly $2.95 million with the majority going towards exploration and evaluation.
The company also invested $161,000 in its tenements.
As of June 30, Hyperion had $2.29 million in total available funding, representing 0.8 quarters of use if spending levels remain the same.
This hasn’t phased the company as it has 12.6 million listed options on issue and expects to raise $2.5 million through the issue.
So far, Hyperion has exercised three million of the options to raise $600,000.
Shares in Hyperion last traded at $1.28 on August 19. The company has a $147.4 million market cap.
Hyperion Metals (ASX:HYM) eyes $24m for Titan Project
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Hyperion Metals (HYM) receives firm commitments to undertake a $24 million placement
A total of 20 million shares will be issued to institutional, sophisticated and professional investors at $1.20
Hyperion expects to issue the shares on or around August 30
Once received, the money will be used to accelerate the scale-up and commercialisation of Hyperion’s Titan critical minerals project in Tennessee
Hyperion is down 1.95 per cent on the market with shares trading at $1.26
Hyperion Metals (HYM) has received commitments to undertake a $24 million placement.
The company entered a trading halt on August 20 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 20 million shares will be issued to institutional, sophisticated and professional investors at $1.20.
The price represents a 6.3 per cent discount to Hyperion’s last closing price of $1.28 and a 2.1 per cent premium to the 10-day volume-weighted average price of $1.17.
Hyperion expects to issue the shares on or around August 30.
Once received, the money will be used to accelerate the scale-up and commercialisation of Hyperion’s Titan critical minerals project in Tennessee.
CEO and Managing Director Anastasios Arima commented on the placement.
“Hyperion’s mission is to produce zero carbon, low-cost titanium metals and powders with an all-American, sustainable, and fully traceable supply chain,” Mr Arima said.
“The proceeds from the placement will allow us to accelerate our plans to become a leading zero carbon materials supplier to the aerospace, space, electric vehicle and defence sectors.”
Hyperion was down 1.95 per cent on the market with shares trading at $1.26 at 2:04 pm AEST.
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