PERTH, Western Australia, Feb. 21, 2025 /CNW/ - Hastings Technology Metals Ltd. ("Hastings") announced today that its subsidiary, HTM Investments (One) Pty. Ltd. (the "Selling Shareholder"), has entered into a share purchase agreement (the "Agreement") with Wyloo Consolidated Investments Pty. Ltd. ("Wyloo") and has sold a significant portion of its equity interest in the outstanding common shares ("Common Shares") of Neo Performance Materials Inc. ("Neo") (TSX: NEO) to Wyloo  (the "Transaction"). 

Under the terms of the Agreement, the Selling Shareholder disposed of 8,350,311 Common Shares (the "Subject Shares") to Wyloo for consideration equal to CAD$8.63 per share, representing aggregate consideration of approximately CAD$72.1 million. Prior to the Transaction, Hastings (through the Selling Shareholder) held 8,974,127 Common Shares (including the Subject Shares), representing approximately 21.5% of the issued and outstanding Common Shares (based upon public disclosure made by Neo as to the number of outstanding Common Shares). Pursuant to the Transaction, Hastings has disposed of ownership of the Subject Shares, representing approximately 19.9% of the issued and outstanding Common Shares. Following completion of the Transaction, Hastings (through the Selling Shareholder) will hold 623,816 Common Shares, representing approximately 1.5% of the issued and outstanding Common Shares (based upon public disclosure made by Neo as to the number of outstanding Common Shares).

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers ("NI 62-103") in connection with the Transaction. An early warning report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR+) at www.sedarplus.ca under Neo's issuer profile.

Following the completion of the Transaction, Hastings intends to hold its remaining Common Shares for investment purposes. Hastings may from time to time, depending on market and other conditions, acquire additional Common Shares or dispose of Common Shares through market transactions, public offerings, private agreement or otherwise. No securities regulatory authority has either approved or disapproved of this news release

SOURCE Hastings Technology Metals Limited