The Board is pleased to announce that on 25 November 2010, the Company entered into the Equity Transfer Agreements with Zhejiang Zhengxiang. Pursuant to the Equity Transfer Agreements, the Company agreed to acquire 19.23% equity interests in Tonghui and 41% equity interests in Xinhui from Zhejiang Zhengxiang at a cash consideration of RMB133,062,668 and RMB23,020,000 respectively. Upon completion of the Dividend Distribution and the Acquisitions, the Company will hold 92% equity interests in each of Tonghui and Xinhui.
The Board is pleased to announce that on 18 May 2010, the Company and Fengcheng Gold Group, an independent third party, entered into the Asset Transfer Agreement and the Agreement on Forming a New Company. Pursuant to these agreements, Fengcheng Gold Group will transfer 55% assets of the original Baiyun Gold Mine to the Company by way of transfer agreement. After the completion of asset transfer and obtaining of approvals from the relevant government authorities of Fengcheng City, the Company and Fengcheng Gold Group will contribute 55% and 45% assets of the original Baiyun Gold Mine respectively to set up the New Company. The Company and Fengcheng Gold Group will own 55% and 45% equity interests respectively in the New Company.
CTO is on thier menu at the moment!
CTO Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
