JL Mag Rare-Earth (HKG:6680, SHE:300748) terminated plans to subscribe for shares in Australian rare-earth company Hastings Technology Metals (ASX:HAS) after conditions precedent to the deal were not fulfilled.

The subscription involved 19.7 million Hastings shares at AU$0.36 each, for a total consideration of about AU$7.1 million, according to an Aug. 7 filing with the Hong Kong bourse.

JL Mag said it had not made any payment to Hastings and the subscription terms had not taken effect.

The termination is not expected to have a material impact on the company's operations, it said.