Neo Performance Materials to Invest in Singapore Entity

About this update from Neo Performance Materials, Inc.

[{"type":"text","content":"\n \n \n \n Neo Performance Materials to Invest in Singapore Entity\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 12, 2023\n \n \n \n /CNW/ - Neo Performance Materials Inc. (\"\n \n \n Neo\n \n \n \" or the \"\n \n \n Company\n \n \n \")\n \n \n (\n \n \n TSX: NEO\n \n \n )\n \n \n has entered into a subscription agreement providing for the purchase of up to\n \n US$84.7 million\n \n of ordinary and preference shares of its wholly-owned direct subsidiary, Magnet Ventures Pte Ltd. (\"\n \n \n Magnet Ventures\n \n \n \") over the course of several tranches, and subject to certain conditions precedent. Magnet Ventures is the sole shareholder of NPM Narva OU. The first tranche in the amount of\n \n US$15.4 million\n \n is expected to be funded no later than\n \n mid-July 2023\n \n . Concurrent with Neo's investment, a third-party minority shareholder will also invest in Magnet Ventures. Following the completion of the funding of Magnet Ventures, Neo will hold a 70% interest in the outstanding ordinary shares of Magnet Ventures and the minority shareholder will hold a 30% interest. Concurrent with the entering into of the subscription agreement, Neo and the minority shareholder of Magnet Ventures entered into a shareholders' agreement in regards to Magnet Ventures which provides for the terms of the relationship and the operating parameters of the company, including pre-emptive rights, rights of first refusal on transfers of shares, restrictive covenants, and restrictions on the transfer of shares of Magnet Ventures. The shareholders' agreement becomes effective on the completion of the first tranche of funding.\n \n \n \n \n \n \n \n \n \n \n \n \n About Neo Performance Materials\n \n \n \n \n \n Neo manufactures the building blocks of many modern technologies that enhance efficiency and sustainability. Neo's advanced industrial materials - magnetic powders and magnets, specialty chemicals, metals, and alloys - are critical to the performance of many everyday products and emerging technologies. ...

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