HONG KONG, May 22, 2017 /PRNewswire/ -- CHINA NATURAL
RESOURCES, INC. (NASDAQ: CHNR), a company based in the People's Republic of China, today
disclosed that it had received a letter ("Deficiency Letter") from
The Listing Qualifications Department of The Nasdaq Stock Market,
Inc. ("Nasdaq") notifying the Company that, inasmuch as its annual
report on Form 20-F for the year ended December 31, 2016 was not filed with the
Securities and Exchange Commission ("SEC") on or prior to the
prescribed due date, the Company no longer complies with Listing
Rule 5250(c)(1), which requires listed companies to timely file
their periodic reports with the SEC. The Deficiency Letter also
states that the Company has until July 17, 2017 to submit a plan to
regain compliance with Nasdaq listing requirements; and, if the
plan is accepted by Nasdaq, the Company will then have until
November 14, 2017 to file the delinquent report and thereby regain
compliance. Until such time as the Company regains compliance with
Nasdaq listing qualifications, an indicator reflecting the
Company's non-compliance (typically in the form of an "E" added to
the end of the Company's trading symbol) will be broadcast over
Nasdaq's market data dissemination network and will also be made
available to third party market data providers.
On May 16, 2017 the Company issued
a press release in which it reported that (a) the delay in filing
the annual report is due to a delay in completing an audit of its
Bolivian subsidiary that was acquired by the Company in
December 2016 and (b) the Company
anticipates that the delinquent annual report will be filed with
the SEC on or before June 30,
2017.
About China Natural Resources, Inc.:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiary, is currently engaged in trial production
at its copper smelting plant in western Bolivia, and anticipates that commercial
production will commence in the latter part of 2017. Revenues are
expected from sales of copper cathodes in markets including
Bolivia, Germany and China.
Forward-Looking Statements:
This press release includes forward-looking statements within
the meaning of federal securities laws. Words such as
"anticipates," "expects," "intends," "may," "should," "plans,"
"believes," "predicts," "potential" and words and terms of similar
substance used in connection with any discussion of future
operating or financial performance, identify forward-looking
statements. These statements include, without limitation,
statements regarding the intent, belief and current expectations of
management with respect to the Company's policies regarding
investments, dispositions, financings, conflicts of interest and
other matters; and trends affecting the Company's financial
condition or results of operations. Forward-looking statements are
not a guarantee of future performance and involve risks and
uncertainties, many of which are outside of our control, and actual
results may differ materially from those in the forward-looking
statement. Among the risks and uncertainties that could cause our
actual results to differ from our forward-looking statements are:
uncertainties relating to our business operations and operating
results; uncertainties regarding the governmental, economic and
political environment in Bolivia
and in the People's Republic of
China; uncertainties associated with metal and coal price
volatility; uncertainties associated with the Company's reliance on
third-party contractors and other risks detailed from time to time
in the Company's filings with the Securities and Exchange
Commission, including without limitation the information set forth
in our Annual Report on Form 20-F under the heading "Risk
Factors."
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SOURCE China Natural Resources, Inc.