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Neo Performance Materials Inc T.NEO

Alternate Symbol(s):  NOPMF

Neo Performance Materials Inc. is a Canada-based company that provides advanced industrial materials, rare earth magnetic powders and magnets, specialty chemicals, metals, and alloys. The Company's business segments include Magnequench, Chemicals and Oxides (C&O) and Rare Metals (RM). The Magnequench segment production of permanent magnetic powders used in bonded and hot-deformed, fully dense neodymium-iron-boron (NdFeB or neo) magnets. The C&O segment manufactures and distributes a broad range of advanced industrial materials. The RM segment sources, reclaims, produces, refines, and markets specialty metals and their compounds. These products include both high-temperature metals (tantalum, niobium, hafnium and rhenium) and electronic metals (gallium and indium). These powders and bonded permanent magnets are used in motors, which are used in various automotive applications for hybrid, electric and internal combustion engine vehicles, and micro motors for household applications.


TSX:NEO - Post by User

Post by Possibleidiot01on Jun 12, 2023 6:04pm
192 Views
Post# 35492428

Neo Performance Materials to Invest in Singapore Entity

Neo Performance Materials to Invest in Singapore EntityI ran this past a broker who couldn't figure out what the release was about either so it just wasn't me who couldn't figure it out .
JUdging by the 5% gain , there are people who did so.
Here's my take on it after talking to investor relations, NEO formed a corporation, Magnet Ventures , based in Singapore,  to fund the building of the plant in Estonia. They also have an corporate partner buying 30%. US$84.7 million is the company's share.
Would it have been so hard to say it like this?  instead of


TORONTO , June 12, 2023 /CNW/ - Neo Performance Materials Inc. (" Neo " or the " Company ") ( TSX: NEO ) has entered into a subscription agreement providing for the purchase of up to US$84.7 million of ordinary and preference shares of its wholly-owned direct subsidiary, Magnet Ventures Pte Ltd. (" Magnet Ventures ") over the course of several tranches, and subject to certain conditions precedent. Magnet Ventures is the sole shareholder of NPM Narva OU. The first tranche in the amount of US$15.4 million is expected to be funded no later than mid-July 2023 . Concurrent with Neo's investment, a third-party minority shareholder will also invest in Magnet Ventures. Following the completion of the funding of Magnet Ventures, Neo will hold a 70% interest in the outstanding ordinary shares of Magnet Ventures and the minority shareholder will hold a 30% interest. Concurrent with the entering into of the subscription agreement, Neo and the minority shareholder of Magnet Ventures entered into a shareholders' agreement in regards to Magnet Ventures which provides for the terms of the relationship and the operating parameters of the company, including pre-emptive rights, rights of first refusal on transfers of shares, restrictive covenants, and restrictions on the transfer of shares of Magnet Ventures. The shareholders' agreement becomes effective on the completion of the first tranche of funding.

JMO

 



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