HONG
KONG, Feb. 16, 2024 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR)
(the "Company") announced that it has entered into a securities
purchase agreement with certain institutional investors for a
registered direct placement of approximately $3.27 million of common shares, no par value, at
a price of $2.20 per share. The
Company will issue a total of 1,487,870 common shares to the
institutional investors. In a concurrent private placement, the
Company will also issue to the investors common share warrants
("Warrants") initially exercisable for the purchase of up to
1,115,903 common shares at an exercise price of $3.00 per share, which Warrants will have a term
of 42 months from the date of issuance.
The net proceeds from this offering will be used for general
working capital purposes. The completion of the offering is
expected to occur on or about February 21,
2024, subject to the satisfaction of customary closing
conditions.
FT Global Capital, Inc. acted as the exclusive placement agent
for the transaction.
The common shares are being offered through a prospectus
supplement which is a part of the Company's effective shelf
registration statement and the base prospectus contained therein. A
shelf registration statement (SEC Filing No. 333-268454) relating
to these securities has been filed with and was declared effective
by the Securities and Exchange Commission (the "SEC") on
February 10, 2023.
A prospectus supplement related to the offering of the common
shares will be filed with the SEC and may be obtained via the SEC's
website at www.sec.gov. This press release does not constitute an
offer to sell or the solicitation of an offer to buy, and these
securities cannot be sold in any state in which this offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state. Any
offer will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.
For further details of this transaction, please see the Form 6-K
to be filed with the SEC.
About China Natural Resources:
China Natural Resources, Inc. (NASDAQ: CHNR) is currently a
holding company that operates in two reportable operating segments:
wastewater treatment and exploration and mining. Upon the
completion of Precise Space-Time Technology disposition on
July 28, 2023, the Company is engaged
in the acquisition and exploitation of mining rights in Inner
Mongolia, including exploring for lead, silver and other nonferrous
metal, and is actively exploring business opportunities in the
healthcare and other non-natural resource sectors. China Natural
Resources recently agreed to acquire Williams Minerals, which
operates a lithium mine in Zimbabwe, for a maximum consideration of
US$1.75 billion. While there is no
guarantee, the acquisition of Williams Minerals is expected to
close in 2024. Williams Minerals is owned by China Natural
Resources' controlling shareholder, Feishang Group Limited, and a
non-affiliate, Top Pacific (China)
Limited.
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
reports that are filed or furnished with the SEC 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.