Billionaire Andrew Forrest will invest more of his fortune in the metals needed for decarbonisation with a proposal to make a strategic investment in Western Australian rare earths developer Hastings Technology Metals.
Mr Forrest’s private company Wyloo will lend $150 million to Hastings in the form of “secured, redeemable, exchangeable notes” assuming Hastings shareholders vote to approval the deal.
The $150 million face value of the notes represents about 34 per cent of the $435 million market capitalisation that Hastings had at the close of trading on Thursday.
Hastings would use the money to fund the purchase of a 22 per cent stake in Canadian magnet maker Neo Performance Materials; a transaction that would put it on track to become a more vertically integrated company in the long run, rather than just a miner of the upstream resource.
Neo, listed on the Toronto Stock Exchange, is a producer of permanent magnets and rare earth materials and owner of the only operating commercial rare earth separation facility in Europe.
Hastings, with Wyloo’s backing, has entered into a binding share purchase agreement with an affiliate of Oaktree Capital Management to acquire 8,974,127 shares in Neo at $C15 ($16.64) a share.
- Forums
- ASX - By Stock
- CMX
- Ann: Green Light for HPA Pilot Plant After Outstanding PFS Result
Ann: Green Light for HPA Pilot Plant After Outstanding PFS Result, page-19
-
- There are more pages in this discussion • 2 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Add CMX (ASX) to my watchlist
(20min delay)
|
|||||
Last
4.0¢ |
Change
0.000(0.00%) |
Mkt cap ! $5.080M |
Open | High | Low | Value | Volume |
0.0¢ | 0.0¢ | 0.0¢ | $0 | 0 |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 20000 | 3.7¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
4.0¢ | 154450 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 20000 | 0.037 |
1 | 82338 | 0.035 |
1 | 32255 | 0.031 |
2 | 34500 | 0.030 |
1 | 17500 | 0.029 |
Price($) | Vol. | No. |
---|---|---|
0.040 | 154450 | 2 |
0.041 | 25112 | 1 |
0.042 | 18000 | 1 |
0.048 | 95342 | 2 |
0.053 | 88863 | 2 |
Last trade - 16.12pm 30/08/2024 (20 minute delay) ? |
Featured News
CMX (ASX) Chart |
Day chart unavailable
The Watchlist
1CG
ONE CLICK GROUP LIMITED
Mark Waller, MD
Mark Waller
MD
Previous Video
Next Video
SPONSORED BY The Market Online