JL Mag Rare-Earth Co., Ltd. announced a private placement of not more than 26,895,424 H shares at a price of HKD 8.19 per share for the gross proceeds of HKD 220,273,522.56 on January 26, 2024. The transaction will include participation from returning investor Jiangxi Ruide Venture Capital Co. Ltd. for not more than 20,171,568 shares and other investors.

The issuance period will be within 12 months from date of approval by the shareholders? meeting of the company. The transaction has been approved by the company?s 3rd board of directors during its 24th meeting and 3rd supervisory board during its 21st meeting and is subject to approval by shareholders?

meeting of the company. The shares to be issued to JRVC are subject to lockup period of 12 months and lockup period for shares to be issued to other investors is to be determined.