Andrew Forrest's Wyloo to Invest A$150 Million in Hastings Technology Metals

By Rhiannon Hoyle

Wyloo Metals, owned by Australian billionaire Andrew Forrest, Friday said it plans to invest 150 million Australian dollars (US$104.7 million) in rare-earths developer Hastings Technology Metals Ltd., which would use the funds to buy a stake in Toronto-listed Neo Performance Materials Inc.

Wyloo would be issued secured, exchangeable notes that would have a term of three years and could be swapped any time after 60 days for Hastings shares at A$5.50 each, the company said.

Wyloo Chief Executive Luca Giacovazzi said the investment aligns with the company's strategy to invest in materials needed to support renewable-energy generation and electrification.

Hastings said it would use the proceeds to acquire a roughly 22% strategic shareholding in Neo Performance Materials, a rare-earths processing and advanced permanent magnets producer.

The Wyloo investment and acquisition of the Neo stake are subject to shareholder approval, Hastings said.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

08-26-22 0109ET