Hastings Technology Metals (ASX:HAS) executed a binding term sheet with Singapore-based Enuo Holdings, which owns a fully-permitted hydrometallurgical mixed rare earth chloride processing facility in Kabin Buri, Thailand, for a total consideration capped at $15 million, including Hastings shares, production-contingent deferred payments, as well as commissioning costs funded by Enuo, according to a Tuesday Australian bourse filing.

Around 23 million Hastings shares will be issued as part of the consideration, fixed at AU$0.50 per share and representing around 8% of the firm's fully diluted share capital.

Hastings plans to apply for Thailand's Board of Investment promotion for the plant's rare earth processing operations.

Its shares fell 4% in recent trading on Tuesday.