JLMAG Terminates AUD7.07 Million Share Subscription in Hastings Technology Metals

Bulletin Express08-07

JL MAG Rare-Earth Co., Ltd. (JLMAG) has withdrawn from its planned equity investment in Australian rare-earth miner Hastings Technology Metals Limited after the agreed conditions precedent were not met.

On 5 July 2024, JLMAG’s wholly owned subsidiary, JL MAG Green Tech (Hong Kong) Company Limited, signed a binding term sheet to acquire 19.647 million newly issued Hastings shares at AUD0.36 per share, representing a total consideration of approximately AUD7.07 million (RMB34.60 million).

The board has now cancelled the transaction before any funds were transferred and before the subscription terms took effect. JLMAG stated that terminating the deal will not materially affect its ongoing production or operations, nor will it harm shareholder interests.

Investors are advised to exercise caution when trading the company’s securities.

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