PR Newswire
TORONTO, Dec. 31, 2024 /CNW/ - Neo Performance Materials Inc. ("Neo" or the "Company") (TSX: NEO) announced today that it has completed the sale of its equity ownership interest (the "Transaction") in Neo Rare Metals (Oklahoma), LLC ("Quapaw") to Kevin Reading, the current General Manager and co-founder of the facility (the "Purchaser").
The Purchaser acquired Neo's 80% equity interest in Quapaw for an aggregate cash purchase price equal to US$1.5 million. The Transaction also includes a seven-year agreement wherein Quapaw will purchase gallium from, and purchase and transfer gallium scrap to the Company's recycling facility in Peterborough, Ontario (see press release dated August 6, 2024).
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