China Natural Resources Plans to Acquire 100% Shares of Feishang Group Subsidiary
China Natural Resources announced that it has signed a non-binding Letter of Intent with Feishang Group Limited, its principal shareholder, to acquire 100% shares of a wholly owned subsidiary of Feishang that will own, directly or indirectly, 59.79% of the equity interest of HooRii Technology. The Company has established a special committee consisting of all of the independent directors to evaluate the Acquisition. Pursuant to the LOI, the Acquisition's total consideration is estimated to range between $37M-$40M through a combination of cash and stock issuance. The Acquisition is subject to the negotiation and execution of definitive documentation, completion of due diligence, receipt of regulatory approvals, and necessary corporate approval, alongside other customary closing conditions.
