JLMAG (06680.HK): Terminates Subscription for Equity in Australian Listed Rare Earth Company Hastings Technology Metals Limited

NewTimeSpace News: Jiangxi JL MAG Rare-Earth Co., Ltd. (stock code: 06680) issued a voluntary announcement on August 7, stating that, as the conditions precedent to the subscription had not been satisfied, after prudent consideration, the Company has terminated the subscription by its wholly-owned subsidiary JL MAG Green Technology (Hong Kong) Limited ("JL MAG HK Technology") for the equity of Hastings Technology Metals Limited, an Australian listed rare earth company (whose shares are listed on the Australian Securities Exchange under stock code HAS).

Reference is made to the Company's voluntary announcement dated July 8, 2024, pursuant to which JL MAG HK Technology signed a Binding Term Sheet with Hastings on July 5, 2024, agreeing to subscribe for 19.647 million newly issued ordinary shares of Hastings at a subscription price of AUD 0.36 per share, with an aggregate subscription amount of approximately AUD 7.07 million (approximately RMB 34.6 million).

According to the announcement, as of the date of this announcement, the Company has not paid any amount to the counterparty, and the subscription terms have not formally taken effect. The termination of the equity subscription will not have a material adverse impact on the Company's normal production and operations, and there is no circumstance that damages the interests of the Company and its shareholders. The Company reminded shareholders and other investors to exercise caution when dealing in the Company's securities.

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