CHNR - China Natural Resources to follow through on $140M lithium mine deal

2023-04-14 12:10:55 ET

China Natural Resources ( NASDAQ: CHNR ) +15.2% in Friday's trading after saying it completed its due diligence and will proceed with the acquisition of Williams Minerals Ltd., which owns the permit for a lithium mine in Zimbabwe, by paying a $35M deposit via promissory notes to the sellers.

Under the agreement, China Natural Resources ( CHNR ) expects to indirectly buy all interests in Williams Minerals and pay $140M by way of promissory notes and/or cash to Feishang Group Ltd. and Top Pacific (China) Ltd. as an initial installment.

The deal allows for a maximum consideration contemplated of $1.75B.

China Natural Resources ( CHNR ) announced its plan to buy the mine in February .

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