PERTH, Western
Australia, Feb. 21, 2025 /CNW/ - Hastings Technology
Metals Ltd. ("Hastings") announced today that its
subsidiary, HTM Investments (One) Pty. Ltd. (the "Selling
Shareholder"), has entered into a share purchase agreement (the
"Agreement") with Wyloo Consolidated Investments Pty. Ltd.
("Wyloo") and has sold a significant portion of its equity
interest in the outstanding common shares ("Common Shares")
of Neo Performance Materials Inc. ("Neo") (TSX: NEO) to
Wyloo (the "Transaction").
Under the terms of the Agreement, the Selling Shareholder
disposed of 8,350,311 Common Shares (the "Subject Shares")
to Wyloo for consideration equal to CAD$8.63 per share, representing aggregate
consideration of approximately CAD$72.1
million. Prior to the Transaction, Hastings (through the
Selling Shareholder) held 8,974,127 Common Shares (including the
Subject Shares), representing approximately 21.5% of the issued and
outstanding Common Shares (based upon public disclosure made by Neo
as to the number of outstanding Common Shares). Pursuant to the
Transaction, Hastings has disposed of ownership of the Subject
Shares, representing approximately 19.9% of the issued and
outstanding Common Shares. Following completion of the Transaction,
Hastings (through the Selling Shareholder) will hold 623,816 Common
Shares, representing approximately 1.5% of the issued and
outstanding Common Shares (based upon public disclosure made by Neo
as to the number of outstanding Common Shares).
This press release is being issued pursuant to National
Instrument 62-103 – The Early Warning System and Related Take-Over
Bid and Insider Reporting Issuers ("NI 62-103") in connection with
the Transaction. An early warning report with additional
information in respect of the foregoing matters will be filed and
made available on the System for Electronic Document Analysis and
Review (SEDAR+) at www.sedarplus.ca under Neo's issuer profile.
Following the completion of the Transaction, Hastings intends to
hold its remaining Common Shares for investment purposes. Hastings
may from time to time, depending on market and other conditions,
acquire additional Common Shares or dispose of Common Shares
through market transactions, public offerings, private agreement or
otherwise. No securities regulatory authority has either approved
or disapproved of this news release
SOURCE Hastings Technology Metals Limited
