SHENZHEN, China, March 17, 2021 /PRNewswire/ -- TD Holdings,
Inc. (Nasdaq: GLG) (the "Company"), a commodities trading
service provider in China, today announced that the
Company and Tongdow E-Trade Limited ("Tongdow E-Trade"), a wholly
owned subsidiary of the Company have entered into a letter of
intent with Chenzhou Dingmei Silver Co., Ltd. ("Chenzhou Dingmei")
for acquiring the ownership of a molybdenum copper ore in
Kazakhstan.
Pursuant to the LOI, Chenzhou Dingmei shall transfer 100% of the
copper ore mine and 100% of the equity ownership of East Kazakhstan
Group Company to GLG and Tongdow E-Trade for an aggregate
consideration of RMB 98 million paid
in shares and cash. The LOI also provides for the further
investment of RMB 80 million by the
Company for the construction of facilities and operations of the
mine.
Molybdenum copper often are metal ores with rare precious metals
such as raw silver selenium rhenium tellurium. Molybdenum coppers
are indispensable materials widely used in aerospace and military
industries.
Ms. Renmei Ouyang, the Chief
Executive Officer commented, "The planned acquisition of the
molybdenum copper ore mine in Kazakhstan signals the start of our scouting
efforts for upstream resources in ore assets. The Company will
advance its strategic investments in commodities-related oil and
ore resources, with its planned collaboration with Chenzhou Dingmei
serving as its first move into the ore mine resource field in
Kazakhstan."
Completion of the transaction is subject to due diligence
investigations by the relevant parties, the negotiation and
execution of a definitive share exchange agreement, satisfaction of
the conditions negotiated therein including the approval of the
Company's Board of Directors and shareholders, approval by NASDAQ
of the listing of shares issued in the transaction, and the
satisfaction of other customary closing conditions. There can be no
assurance that a definitive agreement will be entered into or that
the proposed transaction will be consummated. Further, readers are
cautioned that those portions of the LOI that describe the proposed
transaction, including the consideration to be issued therein, are
non-binding.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in
commodity trading business and supply chain service business in
China. Its commodities trading
business primarily involves purchasing non-ferrous metal product
from upstream metal and mineral suppliers and then selling to
downstream customers. Its supply chain service business primarily
has served as a one-stop commodity supply chain service and digital
intelligence supply chain platform integrating upstream and
downstream enterprises, warehouses, logistics, information, and
futures trading. For more information please
visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of TD Holdings,
Inc. and its subsidiary companies. 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, involve 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. The
following factors, among others, could cause actual results to
differ materially from those described in these forward-looking
statements: there is uncertainty about the spread of the COVID-19
virus and the impact it will have on the Company's operations, the
demand for the Company's products and services, global supply
chains and economic activity in general. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Investors 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 those discussed in the Company's periodic
reports that are filed with the Securities and Exchange
Commission and available on its website
at 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 factors. Other than
as required under the securities laws, the Company does not assume
a duty to update these forward-looking statements.
The following factors, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the occurrence of any event, change or other
circumstances that could give rise to the terms of the LOI not
hereafter being memorialized in a definitive agreement; the outcome
of any legal proceedings that have been, or will be, instituted
against the Company or other parties to the LOI following
announcement of the LOI and transactions contemplated therein; the
inability to complete the transactions contemplated by the LOI due
to the failure to meet certain closing conditions; risks that the
proposed transaction disrupts current plans and operations and the
potential difficulties in employee retention as a result of the
announcement of the LOI and consummation of the transaction
described therein; costs related to the proposed acquisition;
changes in applicable laws or regulations; and other risks and
uncertainties described herein, as well as those risks and
uncertainties discussed from time to time in other reports and
other public filings with the Securities and Exchange Commission
(the "SEC") by the Company.
For more information, please contact:
Investor Relations:
Dong Cao
EverGreen Consulting Inc.
Email: IR@changqingconsulting.com
Phone: +86 13502048965
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SOURCE TD Holdings, Inc.