An update for you holders while we wait for an announcement from the company (ie. expect good news).
Back in June 2019 the media reported that Chengtun raised $346m in convertible bonds to finance a new cobalt-copper production facility in DRC. This was incorrect. Chengtun made an application to the China Securities Regulatory Commission for approval to issue convertible bonds - a requirement for all listed entities seeking to raise capital. It has taken awhile but according to the SSE announcment, CSRC approval was received on 27 Dec 2019.
The convertible bonds are not directly related to the Nzuri transaction, but it has been quite obvious from the timing of Chengtun's communication and schedule with Nzuri that they have been waiting for approval of the bonds before finalising the Nzuri purchase - the cobalt-copper facility essentially needed to be financed and built for the purchase of Nzuri to make sense.
This is now ready to go ahead.
Translated from google:
Stock Code: 600711 Stock Abbreviation: Shengtun Mining Announcement Number: 2019-117 Shengtun Mining Group Co., Ltd. Announcement on the Application for Public Issuance of Convertible Bonds Obtained by the Audit Committee of the China Securities Regulatory Commission The announcement contains no false records, misleading statements, or major omissions, and assumes individual and joint responsibility for the authenticity, accuracy, and completeness of its contents. On December 27, 2019, China Securities Regulatory Commission (hereinafter referred to as the "CSRC") The 211th Working Meeting of the 18th Session of the Issuance Review Committee for Shengtun Mining Group Co., Ltd. (hereinafter referred to as the "Company") The application for the public issue of convertible corporate bonds was reviewed. According to the results of the review, the company's application for the issuance of convertible corporate bonds was approved. At present, the company has not received the written approval documents from the CSRC, and the company will perform its information disclosure obligations in a timely manner after receiving the official documents approved by the CSRC. Special announcement. Board of Directors of Shengtun Mining Group Co., Ltd. December 28, 2019.
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