Pengxin Resources to purchase a South African gold mine at RMB1.9 billion

According to the announcement of Pengxin Resources on the evening of June 27th, it intends to purchase 100 shares of Ningbo Tianhong through issuing shares to Jiang Zhaobai and Jiang Lei, the actual controller and the person acting in concert respectively as well as cash payment in order to obtain the controlling right of CAPM indirectly, of which the core property is the mining right of Orkney Gold Mine in South Africa.Asian Metal CopyrightAccording to the announcement of Pengxin Resources on the evening of June 27th, it intends to purchase 100 shares of Ningbo Tianhong through issuing shares to Jiang Zhaobai and Jiang Lei, the actual controller and the person acting in concert respectively as well as cash payment in order to obtain the controlling right of CAPM indirectly, of which the core property is the mining right of Orkney Gold Mine in South Africa.Asian Metal Copyright The price of the transaction is temporarily RMB1.Asian Metal Copyright .Asian Metal Copyright908897 billion, including RMB400 million for cash payment.Asian Metal Copyright908897 billion, including RMB400 million for cash payment.Asian Metal Copyright Meanwhile, Pengxin Resources will raise funds of no more than RMB1.Asian Metal Copyright508897 billion to pay in cash and for construction project of Orkney Gold Mine.Asian Metal Copyright508897 billion to pay in cash and for construction project of Orkney Gold Mine.

After the transaction, Pengxin Resources will add gold metal business and its scales in nonferrous metal reserves will expand further, which will be helpful to raise the output of nonferrous metal in the long run. The newly added gold metal business will be helpful for the company to change the single structure of nonferrous resources and to effectively enrich the business of industrial production.


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