TD Holdings Signs LoO with Chenzhou Dingmei Silver Co., Ltd. to Acquire Ownership of a Molybdenum Copper Ore in Kazakhstan fro RMB 98M in Cash and Stock
TD Holdings, Inc. (Nasdaq: GLG) 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 ...
· 03/17/2021 05:25
TD Holdings, Inc. (NASDAQ:GLG) 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.