Media Release: Clayton Utz advises Tattarang’s Wyloo Metals on $150 million cornerstone investment in Hastings Technology Metals

26 Aug 2022
Time to read: 1 minutes

Perth, 26 August 2022: Clayton Utz is advising Wyloo Metals (a Tattarang company) on its $150 million cornerstone investment in Australian rare earths developer, Hastings Technology Metals Limited (ASX: HAS). The investment was announced to the market today, and is subject to regulatory and shareholder approvals.

Corporate partner Mark Paganin and special counsel Stephen Neale are leading the firm's team working alongside Wyloo Metals' team, with key support from senior associate William Davies. Other core team members include partner Rohan Mishra and senior associate Jackie Leggett (Banking & Financial Services) and partner Peter Feros and special counsel Seema Sandhu (Tax).

Under the agreement, Wyloo Metals – which focuses on investments in the critical minerals supply chain – has committed to subscribe for $150 million of secured, redeemable exchangeable notes to be issued by Hastings Technology Metals.  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.

Hastings – owner of the flagship Yangibana Rare Earths project in the Gascoyne region of Western Australia, which contains one of the most highly valued neodymium and praseodymium concentrate (NdPr) deposits in the world – will acquire a 22.1% strategic shareholding in TSX-listed Neo Performance Materials Inc. from an affiliate of Oaktree Capital Management, L.P. Neo Performance Materials Inc. is a global rare earth processing and advanced permanent magnets producer.

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