Heavy Rare Earths Limited is a Australian rare earth exploration company and focused on REE in the Western Australia and the Northern Territory. It is set to list on the Australian Securities Exchange (ASX).
Heavy Rare Earths Limited has 2 projects – Cowalinya Project and Duke Project.
*Cowalinya Project – It comprises a single 230 km2 exploration licence E63/1972 on unallocated crown land hosting dominantly granitic type rocks in the Central Biranup Zone of the Albany Fraser Orogen. The mineralisation being targeted is shallow, flat lying, supergene concentrations of rare earths present in the weathering profile overlying granitic basement. The JORC-compliant Resource Estimate for the Projects is 28MT (Inferred).
*Duke Project – It comprises two exploration licences EL33101 and EL33194, both awaiting grant, covering a combined area of 255 km2 on the Phillip Creek pastoral lease.
Heavy Rare Earths Limited was looking to raise up to $6 million at $0.20 per share in its initial public offering (IPO). The Public Offer opens on 13 July 2022 and closes on 2 August 2022. The expected date for quotation on ASX is 24 August 2022.
Note: The dates shown on this page are indicative only and may change without notice.
IPO Summary
| ASX code | HRE |
| Name | Heavy Rare Earths Limited |
| Website | https://hreltd.com.au/ |
| Share Registry | Boardroom Pty Limited |
| Underwriter | Not underwritten. Taylor Collison Limited (Lead Manager). |
| Opening Date for the Public Offer: | 13 July 2022 |
| Closing Date for the Public Offer: | 2 August 2022 |
| Date for New Shares to commence trading on ASX | 24 August 2022 10:30AM AEST |
| Funds to be raised under the Public Offer (before costs) | $6,000,000 |
| Offer price per Share | $0.20 |
| Shares on issue at the Prospectus Date | 37,275,150 |
| Shares to be issued under the Public Offer | 30,000,000 |
| Total Shares | 68,275,150 |
| Escrow | 7,787,220 Shares, 9,850,000 Class A Options and 4,350,000 Class B Options (a period of 24 months from quotation) |
| Escrow | 1,000,000 Shares (a period of 12 months from quotation) |
Source: Heavy Rare Earths Limited prospectus, official website.