Brief: China Natural Resources Announces Strategic Acquisition Of Lithium Mine In Zimbabwe

China Natural Resources

28/02/2023 15:14

Feb 28 (Reuters) - China Natural Resources Inc  CHNR.O :
    * CHINA NATURAL RESOURCES ANNOUNCES STRATEGIC ACQUISITION OF
LITHIUM MINE IN ZIMBABWE
    * SAYS DEAL FOR MAXIMUM CONSIDERATION OF $1.75 BILLION
    * PLANS TO ISSUE RESTRICTED SHARES AS 50% OF CONSIDERATION
FOR
DEAL, WITH REMAINING 50% COMPRISED OF PROMISSORY NOTE AND/OR
CASH
    * SAYS COMPANY MAY ISSUE RESTRICTED CHNR SHARES AT A
DISCOUNT TO
MARKET PRICE TO SECURE A PORTION OF REQUIRED CAPITAL
    * CHINA NATURAL RESOURCES SAYS CO WILL PAY AN AGGREGATE OF
$35
MILLION AS A DEPOSIT IF IT CHOOSES TO PROCEED WITH DEAL AFTER
COMPLETION OF DUE DILIGENCE
    * SAYS CO WILL PAY AN AGGREGATE OF $140 MILLION BY WAY OF
PROMISSORY NOTES AND/OR CASH AS AN INITIAL INSTALLMENT
    * SAYS ENTERED AGREEMENT TO ACQUIRE WILLIAMS MINERALS (PVT)
LTD ,
WHICH OWNS MINING PERMIT FOR A ZIMBABWEAN LITHIUM MINE

Source text for Eikon:  ID:nPnNcCLga 
Further company coverage:  CHNR.O