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CHINA NATURAL RESOURCES, INC. (NASDAQ:CHNR) (the "Company") announced that it has entered into a securities purchase agreement with certain institutional investors for a registered direct placement of approximately $3.27 million of common shares, no par value, at a price of $2.20 per share. The Company will issue a total of 1,487,870 common shares to the institutional investors. In a concurrent private placement, the Company will also issue to the investors common share warrants ("Warrants") initially exercisable for the purchase of up to 1,115,903 common shares at an exercise price of $3.00 per share, which Warrants will have a term of 42 months from the date of issuance.
The net proceeds from this offering will be used for general working capital purposes. The completion of the offering is expected to occur on or about February 21, 2024, subject to the satisfaction of customary closing conditions.
FT Global Capital, Inc. acted as the exclusive placement agent for the transaction.
Posted In: CHNR
