Jinli Permanent Magnet (06680): Termination of subscription for shares in Hastings, an Australian-listed rare earth company

Zhitong Financial App News, Jinli Permanent Magnet (06680) issued an announcement. It was agreed that Jinli Permanent Magnet Green Technology (Hong Kong) Limited (Jinli Hong Kong Technology), a wholly-owned subsidiary of the company, and Hastings Technology Metals Limited (whose shares are listed on the Australian Stock Exchange, stock code: HAS) (HASings) (HASings)), a wholly-owned subsidiary of the company, signed a “Binding Term Sheet” (List of binding terms) on July 5, 2024. Technology subscribed for an additional 19.647 million shares of common stock issued by Hastings at a subscription price of $0.36 per share, with a total subscription amount of approximately 7.07 million Australian dollars (approximately RMB 34.6 million). Since the prerequisites for this subscription have not been met, the share subscription has been terminated after careful consideration by the company.

As of the date of this announcement, the company has not paid any payment to the counterparty, and the subscription terms have not yet officially entered into force. The termination of this share subscription will not have a significant adverse effect on the normal production and operation of the company, and there are no circumstances that harm the interests of the company or the company's shareholders.