Jl Mag Rare-Earth (06680): Termination of subscription for shares of Australian-listed rare earth company Hastings.

Jl Mag Rare-Earth (06680) announced that its wholly-owned subsidiary, Jl Mag Rare-Earth Green Technology (Hong Kong) Limited (Jinli Hong Kong Technology), signed a Binding Term Sheet with Australian-listed rare earth company Hastings Technology Metals Limited (which is listed on the Australian Securities Exchange under the stock code: HAS) on July 5, 2024. According to the agreement, Jinli Hong Kong Technology will subscribe for 19,647,000 shares of ordinary stock issued by Hastings at a subscription price of AUD 0.36 per share, for a total subscription amount of approximately AUD 7.07 million (approximately RMB 34.6 million). Given that the conditions precedent for this subscription have not been met, and after careful consideration by the company, the equity subscription has been terminated. As of the date of this announcement, the company has not made any payments to the counterparty, and the subscription terms have not formally taken effect. The termination of this equity subscription will not have a significant adverse impact on the company's normal production and operations, and there is no harm to the interests of the company and its shareholders.