Neo Material Technologies acquires Recapture Metals

Tue. September 01, 2009; Posted: 02:51 PM

Sep 01, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- NEMFF | Quote | Chart | News | PowerRating -- Neo Material Technologies, Inc. has acquired 100% of all issued and outstanding shares of Recapture Metals Limited. Both the companies are based in Canada.

Neo Material is a producer, processor, and developer of neodymium-iron-boron magnetic powders, while Recapture Metals is engaged in reclaiming gallium from gallium arsenide scrap, gallium phosphide, gallium antimonide, and gallium compounds.

Announcement (August 24, 2009):

Neo Material has entered into an agreement to acquire 100% of all issued and outstanding shares of Recapture Metals.

Under the terms of the agreement, Neo Material will issue 4.5 million new common shares and pay CAD6.5 million ($6.01 million) in cash. Neo Material will also make additional payments in cash or new shares, at Neo Material's option, conditional upon certain agreed EBITDA targets for three calendar years, commencing in 2010.

GMP Securities L.P. is acting as financial advisor to Neo Material on this transaction.

Deal Value (US$ Million) 19.8
Deal Type                Acquisition
Sub-Category             100% Acquisition
Deal Status              Completed: 2009-08-31

Deal Participants

Target (Company)   Recapture Metals Limited (formerly Argento Plata Metals Limited)
Acquirer (Company) Neo Material Technologies, Inc.

Deal Rationale

The acquisition is in line with Neo Material's strategy to diversify into other complementary rare elements and specialty materials. The transaction would provide experience, resources, and diversification to further facilitate Recapture's growth.

For full details for NEMFF click here.

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