3. To raise up to CNY3.2b (AUD$667m) cash from 10 or less 10 selected investors at not less than 90% of 20 day share price average, shares will be on escrow for 12 months. CNY2.1b for high energy density power lithium ion battery material industrialization advanced intelligent manufacturing; CNY1b (AUD$208m) for WORKING CAPITAL.
A bit more information related Bamo Tech’s High energy density lithium ion battery material industrialised advanced intelligent manufacturing project: total required funds CNY3.3b (over CNY1b has already funded).
Of Huayou’s Proposed raising of CNY3.2b, CNY2.1b will be used to fund this project.
Chengdu Bamo Tech is 100% owned by Tianjing Bamo Tech which Huayou is acquiring for CNY3.2b.
Bamo Tech made net project CNY52m last year, guaranteed net profit for next three years: not less than 215 million yuan, 280 million yuan and 363 million yuan respectively.
Currently Bamo Tech clients mainly CATL, BYD, LISHENG, Samsung and LG, its lithium sourced from TIANQI LITHIUM.
Before being acquired by Huayou, Bamo Tech reported they would look to acquire resources.
“According to reports, the Bamo Tech high energy density power lithium ion battery material intelligent manufacturing project started construction. It will build a new high energy density power lithium ion battery material industrialized advanced intelligent manufacturing base, mainly producing high energy density 811 type nickel cobalt manganese lithium material , nickel cobalt aluminum lithium material, 622 type nickel cobalt manganese lithium material, with an annual output of 50,000 tons of high nickel material. The total planned investment is 3.308 billion yuan, and it is estimated that the annual sales income will be 8.8 billion yuan and the tax will be 400 million yuan.”
https://m.nbd.com.cn/articles/2019-03-13/1309657.html
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