China Natural Resources, Inc. Announces the Closing of Registered Direct Placement of $3.27 Million of Common Shares and Private Placement Warrants
CHINA
NATURAL RESOURCES, INC. ANNOUNCES THE CLOSING OF REGISTERED DIRECT PLACEMENT OF
$3.27
MILLION OF COMMON SHARES AND PRIVATE PLACEMENT WARRANTS
HONG KONG, February 21, 2024 – 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.
Company Contact
Zhu Youyi,
Chief Financial Officer
Phone: 011-852-2810-7205
Email: cfo@chnr.net