rareearth miner Hastings Technology Metals will invest C$135million into TSX listed Neo Performance Material, thanks to an investment from WylooMetals criticalminerals mining resources acquisition transaction Australia Canada
PERTH – Rare earths developer Hastings Technology Metals has announced plans to acquire a 22.1% shareholding in TSX-listed Neo Performance Materials Inc, which would be funded through a A$150-million cornerstone investment fromHastings on Friday announced that it had entered into a binding share purchase agreement with an affiliate of Oaktree Capital Management to acquire more than 8.9-million shares in Neo Performance, which is a global rare earth processing and permanent magnet producer.
“The acquisition of the Neo stake represents an important strategic milestone for Hastings, providing the company and its shareholders with a unique opportunity to take further steps towards realising the Hastings 2.0 strategy,” said executive chairperson“We are also thrilled to welcome the support of, and strategic investment by, Wyloo Metals. We see Wyloo’s commitment to Hastings as an important validation of our strategy and objectives.
The notes will earn an annual coupon equivalent to the three-month bank bill swap rate plus 9%, payable in kind via the issue of additional notes. “Rare earths and the permanent magnets they produce are essential enablers of the energy transition. There is already a shortage of these products, and the upcoming increase in magnet demand will require continued investment,” he said.
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