HONG KONG, Jan. 22, 2021 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR)
(the "Company") today announced that it closed the registered
direct offering of approximately $7.3
million of common shares at a price of $1.85 per share on January
22, 2021, as previously announced on January 20, 2021. The Company issued a total of
3,960,000 common shares to the institutional investors
participating in the offering. In a concurrent private placement,
the Company also issued warrants ("Warrants") to the investors,
initially exercisable for the purchase of up to 1,584,000 common
shares at an exercise price of $2.35
per share, which Warrants have a term of 36 months from the date of
issuance. The net proceeds from this offering will be used for
general corporate purposes.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transactions.
Morgan, Lewis & Bockius LLP acted as counsel to the Company
and Schiff Hardin LLP acted as counsel to the placement agent in
connection with the transactions. PacGate Law Group provided due
diligence services to the placement agent in connection with the
transactions.
The common shares described above (but not the warrants or the
common shares underlying the warrants) were offered and sold by the
Company in a registered direct offering pursuant to a "shelf"
registration statement on Form F-3 (Registration No. 333-233852),
declared effective by, the Securities and Exchange Commission (the
"SEC") on November 20, 2019 and
including an accompanying prospectus supplement dated January 20, 2021. The offering of the common
shares only was made by means of the prospectus supplement. The
prospectus supplement and accompanying prospectus relating to the
registered direct offering was filed with the SEC and is available
on the SEC's website located at http://www.sec.gov.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Act"), and Regulation D promulgated thereunder and, along
with the common shares underlying the warrants, have not been
registered under the Act, or applicable state securities laws.
Accordingly, the warrants and the underlying common shares may not
be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities
laws.
For further details of this transaction, please see the Report
on Form 6-K filed with the SEC on January
22, 2021 which may be viewed at www.sec.gov.
About China Natural Resources:
China Natural Resources, Inc., a British Virgin Islands corporation, through
its operating subsidiaries in the PRC, is currently engaged in (a)
the acquisition and exploitation of mining rights in Inner
Mongolia, including preliminary exploration for lead, silver and
other nonferrous metal, and (b) copper trading in the PRC, and is
actively exploring business opportunities in the healthcare and
other non-natural resources sectors.
Forward-Looking Statements:
This press release contains certain statements that may include
"forward-looking statements." All statements other than statements
of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminology such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including the risk factors discussed in the Company's
periodic reports that are filed with the Securities and Exchange
Commission and available on the SEC's website (http://www.sec.gov).
All forward-looking statements attributable to the Company or
persons acting on its behalf are expressly qualified in their
entirety by these risk factors. Other than as required under the
applicable securities laws, the Company does not assume a duty to
update these forward-looking statements.
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SOURCE China Natural Resources, Inc.