Jinli Permanent Magnet (06680): Termination of Subscription for Equity in Australian Listed Rare Earth Company Hastings

Zhitong Finance APP reports that Jinli Permanent Magnet (06680) has announced that its wholly-owned subsidiary, Jinli Permanent Magnet Green Technology (Hong Kong) Limited (Jinli Hong Kong Technology), signed a Binding Term Sheet with the Australian listed rare earth company Hastings Technology Metals Limited (whose shares are listed on the Australian Securities Exchange, stock code: HAS) on July 5, 2024. According to the agreement, Jinli Hong Kong Technology will subscribe for 19,647,000 newly issued ordinary shares of Hastings at a subscription price of AUD 0.36 per share, with a total subscription amount of approximately AUD 7.07 million (around RMB 34.6 million). Given that the preconditions for this subscription have not yet been met, the company has prudently decided to terminate this equity subscription.