The Prospector News

WYLOO METALS INVESTS $150 MILLION IN RARE EARTH MATERIALS

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

WYLOO METALS INVESTS $150 MILLION IN RARE EARTH MATERIALS

 

 

 

 

 

Wyloo Metals is pleased to announce a $150 million cornerstone investment in Australian rare earths developer, Hastings Technology Metals Ltd.

 

Wyloo’s investment is in the form of $150 million in secured, exchangeable notes (Notes), the proceeds of which will be used by Hastings to acquire a 22.1% equity interest in TSX-listed Neo Performance Materials Inc. from an affiliate of Oaktree Capital Management, L.P. (Oaktree).

 

The Notes will have a term of three years and will be exchangeable, at any time after 60 days, into Hastings ordinary shares at an exchange price of $5.50 per share. The Notes will earn an annual coupon equivalent to the three-month bank bill swap rate plus 9.0%, payable in kind via the issue of additional notes.

 

Wyloo will also have the right to appoint a nominee director to the Board of Hastings and retain that nominee while Wyloo’s equity interest in Hastings is 12.5% or more (based on the interest that Wyloo would hold were the Notes exchanged into shares).

 

Wyloo Metals CEO, Luca Giacovazzi, said the investment fit well with the company’s long-term strategy to invest in the critical minerals that support renewable energy generation and electrification.

 

“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.

 

“This transaction with Hastings spans the value chain, from mining to magnet manufacturing. As the owner of the only commercial rare earth metals facility in Europe, Neo is strategically placed to help Europe meet its goal to become climate-neutral by 2050.

 

“We’re pleased to be investing in the stable and secure supply of minerals and permanent magnets that are inputs in essential products like electric vehicles and wind turbines.

 

“Wyloo is delighted to be partnering with Hastings as a cornerstone investor and we look forward to joining the Board and working alongside the company as it delivers upon its strategy.”

 

ABOUT HASTINGS TECHNOLOGY METALS LTD.

 

Hastings is an Australian rare earths company positioned to become the world’s next producer of neodymium and praseodymium concentrate used in the production of permanent magnets.

 

ABOUT NEO PERFORMANCE MATERIALS INC.

 

Neo is a leading global rare earth processing and advanced permanent magnets producer listed on the TSX.

 

ABOUT WYLOO METALS 

 

Wyloo Metals is a privately-owned metals company with a focus on investing in the critical mineral supply chain. Led by a multidisciplinary team of geologists, engineers and financial professionals, Wyloo Metals manages a diverse portfolio of exploration and development projects and cornerstone interests in a number of public companies. Wyloo has a long-term investment mandate and is focused on producing commodities that support the transition to a low-carbon future.

 

Posted August 26, 2022

Share this news article

MORE or "UNCATEGORIZED"


Reunion Gold Infill Drilling Continues to Expand the Zone of High-Grade Gold Mineralization on Block 6 at its Oko West Project, Guyana

Highlights include: Hole D-375 intersecting 60.4 m @ 1.50 g/t Au,... READ MORE

April 15, 2024

Great Pacific Gold to Acquire Papua New Guinea Focused Tinga Valley Copper & Gold Corp.

Highlights: 347 sq km granted exploration license located 140 km ... READ MORE

April 15, 2024

i-80 Gold Announces High-Grade Results from Underground Drilling at Cove

New results include 29.6 g/t Au over 7.2 m, 18.7 g/t Au over... READ MORE

April 15, 2024

Calibre Intercepts High-Grade Gold & Silver Mineralization from Several Targets at its Eastern Borosi Mine Complex; Drilling Intersects Include 10.81 g/t Gold over 3.4 metres, 9.64 g/t Gold over 3.3 metres, 1,431.6 g/t Silver over 2.9 metres and 642.3 g/t Silver over 5.0 metres

Calibre Mining Corp. (TSX: CXB) (OTCQX: CXBMF) is pleased to anno... READ MORE

April 15, 2024

SILVER VIPER CLOSES FIRST TRANCHE OF LIFE OFFERING

Silver Viper Minerals Corp. (TSX-V: VIPR) (OTC: VIPRF) is please... READ MORE

April 13, 2024

Copyright 2024 The Prospector News