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Wyloo Metals advised on $150m investment in Australian rare earth developer

Global firm Clayton Utz is in the process of advising Wyloo Metals (a Tattarang company) on its $150 million cornerstone investment in Australian rare earths developer Hastings Technology Metals Limited (ASX: HAS).

user iconJess Feyder 02 September 2022 Big Law
Wyloo Metals advised on $150m investment in Australian rare earth developer
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Firm: Clayton Utz (Wyloo Metals)

Deal: Wyloo Metals is making a $150 million investment in Hastings Technology Metals. 

Value: $150 million

 
 

Area: Corporate

Key players: The Clayton Utz team was led by corporate partner Mark Paganin and special counsel Stephen Neale. 

Supporting the team are partner Rohan Mishra and senior associate Jackie Leggett, in banking and financial services, along with partner Peter Feros and special counsel Seema Sandhu in their tax division.

Clayton Utz is working alongside Wyloo Metals’ team, with key support from senior associate William Davies.

Deal significance: Under the agreement, Wyloo Metals has committed to subscribe for $150 million of secured, redeemable exchangeable notes to be issued by Hastings Technology Metals. 

The notes will have a term of three years and will be exchangeable, at any time after 60 days, into Hastings ordinary shares at an exchange price of $5.50 per share.

Wyloo Metals is a company that explores, develops and invests in mines that produce raw materials in the critical minerals supply chain.

Hastings owns the flagship Yangibana Rare Earths project in the Gascoyne region of Western Australia, which contains one of the most highly valued neodymium and praseodymium concentrate (NdPr) deposits in the world. 

Hastings will acquire a 22.1 per cent strategic shareholding in TSX-listed Neo Performance Materials from an affiliate of Oaktree Capital Management, L.P. 

Neo Performance Materials is a global rare earth processing and advanced permanent magnets producer.

The investment was announced to the market on Friday, 26 August, and is subject to regulatory and shareholder approvals.