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Agreement to acquire strategic shareholding in Neo Performance Materials and cornerstone investment in Hastings by Wyloo Metals
Agreement to acquire strategic shareholding in Neo Performance Materials and cornerstone ...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Agreement to acquire strategic shareholding in Neo Performance Materials and cornerstone investment in Hastings by Wyloo Metals\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: MIDDLE; TEXT-ALIGN: LEFT; BORDER-TOP:black 0.5pt solid; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 0.5pt solid; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n PERTH, Australia\n \n ,\n \n \n Aug. 26, 2022\n \n \n /CNW/ -\n \n \n Highlights\n \n \n \n Hastings to acquire a 22.1% strategic shareholding in Neo Performance Materials Inc., a leading global rare earth processing and advanced permanent magnets producer listed on the TSX.\n \n \n The acquisition is intended to be funded by a\n \n A$150 million\n \n cornerstone investment in Hastings by Wyloo Metals, through the issuance of secured, redeemable, exchangeable notes.\n \n \n The proposed acquisition provides Hastings with a strategic stake in Neo and exposure to the global downstream processing of rare earth materials into magnets.\n \n \n The proposed investment by Wyloo Metals underscores the strategic logic of the acquisition and introduces a globally respected strategic investor to Hastings, aligned with the company's vision to create a leading mine-to-magnet enterprise.\n \n \n The acquisition of the Neo stake, and in particular the Wyloo investment, are subject to shareholder approval (50% voting threshold).\n \n \n The board of Hastings unanimously supports the transaction and welcomes the support and strategic investment in Hastings by Wyloo Metals.\n \n \n The d...