The pricing of the raising at 20c per share compares with a stock price of around 10c that Hastings had traded at for much of the past year up until mid-last-month. 

The interest in Hastings comes as the use of so-called permanent magnets in growing applications like wind turbines and electric vehicles for example, continues to be highlighted.

Rare earth concentrate production planned from Yangibana includes neodymium and praseodymium, critical elements in the manufacture of permanent magnets.

The prices for both element have increased throughout 2017, especially in recent months, with indications of China cracking down on environmentally unsound domestic producers helping fuel the increases.

Interest in Hastings and other rare earth-leveraged stocks is also understood to be growing as ASX sector heavyweight Lynas Corp continues to get its act together after a number of difficult years, with its deleveraging of its balance sheet proof of its improved prospects. 

Hastings is set to complete a feasibility study in the next couple of months at Yangibana, and is aiming to be in production in the second half of 2019.

The company signed its first offtake MoU last month.

Previous estimates have pegged capex in the order of $300 million, with annual net profits in its early years put at circa-$100 million per annum.

Funds from the $20 million being raised will go towards a mine site access road, acquisition and commissioning of an accommodation camp, and preliminary engineering design work on the production plant.

Shares in Hastings closed last week at 20c, capitalising the company at $116 million.