Northern Rare Earth Permanent Magnet Technology Co., Ltd. announced that it expects to receive CNY 90.36 million in funding from Earth-Panda Advanced Magnetic Material Co., Ltd.
August 26, 2021
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Northern Rare Earth (Anhui) Permanent Magnet Technology Co., Ltd. announced that it has entered into capital Increase agreement to receive CNY 90,360,000 in an equity round of funding on August 27, 2021. The transaction will include participation from returning investors, China Northern Rare Earth (Group) High-Tech Co.,Ltd for CNY 54,216,000 to retain its 60% stake in the company and Earth-Panda Advanced Magnetic Material Co., Ltd. for CNY 36,144,000 to retain its 40% stake in the company. The registered capital of the company will increase from CNY 90,000,000 to CNY 180,360,000 post closing of the transaction. The transaction has been unanimously approved at the nineteenth meeting of the sixth board of directors and and the fourteenth meeting of the sixth board of supervisors of Earth-Panda Advanced Magnetic Material Co., Ltd.
Earth-Panda Advanced Magnetic Material Co Ltd is a China-based company mainly engaged in the research, development, production and sales of high-performance sintered NdFeB permanent magnet materials. The Company is mainly engaged in two businesses. The high-performance sintered NdFeB permanent magnet material business is mainly engaged in the research, development, production and sales of high-performance sintered NdFeB permanent magnet materials. The rubber magnets and other magnetic products business is mainly engaged in the production and sales of flexible magnets, samarium cobalt, bonded NdFeB and other magnetic products. The Company mainly conducts its businesses in domestic and overseas markets.
Northern Rare Earth Permanent Magnet Technology Co., Ltd. announced that it expects to receive CNY 90.36 million in funding from Earth-Panda Advanced Magnetic Material Co., Ltd.