Common Contracts

Neo Performance Materials to Invest in Singapore

July 5th, 2023

• Filed
  July 5th, 2023

June 12, 2023 (Source) – 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’ ag