The company placed 65 million shares at 21c per share, an 8.7% discount the last closing price before the raising was announced.

The successful issue comes after Hastings scrapped a planned raising in May due to market conditions.

Existing shareholders, as well as new institutional investors, participated in the raising.

The raising will boost Hastings' cash on hand to around $34 million, allowing it to maintain momentum in the advancement of the Yangibana rare earths project in Western Australia.

The proceeds will be used for the order of long lead-time equipment for the plant, including the rotary kiln and sulphuric acid plant.

Last month, Hastings signed an exclusive mandate with Germany's KfW IPEX-Bank for project financing.

KfW has provided indicative terms for up to $250 million of debt for the project.

The November 2017 definitive feasibility study returned capital costs of $335 million.

Last month, Hastings upgraded reserves at Yangibana by 50% to 7.74 million tonnes at 1.13% total rare earth oxide, confirming an eight-year mine life.

Shares in Hastings closed at 22c yesterday, valuing the company at $156.5 million.