China Natural Resources Announced Friday It Agreed To Sell All Outstanding Shares Of Precise Space-time Technology Limited To Feishang Group Limited For Consideration Of Approximately $13.2M

Author: Charles Gross | July 31, 2023 04:58am
China Natural Resources, Inc. (NASDAQ:CHNR) (the "Company") announced today that it has agreed to sell all outstanding shares of Precise Space-Time Technology Limited ("Precise Space-Time

China Natural Resources, Inc. (NASDAQ:CHNR) (the "Company") announced today that it has agreed to sell all outstanding shares of Precise Space-Time Technology Limited ("Precise Space-Time Technology" or "PSTT") to Feishang Group Limited, together with PSTT's outstanding payable owed to the Company, for consideration of approximately RMB95,761,119 in cash (approximately $13.2 million, the "Base Purchase Price"). The Base Purchase Price is subject to upward post-closing adjustment based on the difference between net assets of PSTT as included in its unaudited consolidated balance sheet as of June 30, 2023 and the base net assets (which is determined as the higher of RMB-49,074,962, PSTT's consolidated net assets as of December 31, 2022 and RMB-34,197,300, the value of PSTT as determined by the valuation report dated July 28, 2023). 

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