HONG
KONG, Feb. 21, 2024 /PRNewswire/ -- CHINA NATURAL RESOURCES, INC. (NASDAQ: CHNR)
(the "Company") today announced that it closed the registered
direct placement of approximately $3.27
million of common shares at a price of $2.20 per share on February 21, 2024, as previously announced on
February 16, 2024. The Company issued
a total of 1,487,870 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 1,115,903 common
shares at an exercise price of $3.00
per share, which Warrants have a term of 42 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.
Gunderson Dettmer Stough Villeneuve
Franklin & Hachigian, LLP acted as counsel to the
Company and Sheppard Mullin Richter
& Hampton 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 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), declared
effective by, the Securities and Exchange Commission (the "SEC") on
February 10, 2023 and including an
accompanying prospectus supplement dated February 21, 2024. 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.
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
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.