China Precious Metals to invest 2 billion to acquire Yunnan Gold Mine

China National Precious Metals announced that it entered into a letter of intent regarding possible acquisitions on July 22 and plans to acquire a mining company for a total consideration of not more than RMB 2 billion***, 50% of the consideration shall be paid in cash, and the remaining 50% shall be issued with the consideration shares The payment was issued at a price of 1.9 yuan per share, a premium of approximately 17% over the average closing price of 1.62 yuan for the five trading days preceding the letter of intent.

The company stated that the mining company holds a gold mining permit and exploration license for a gold mine in Yunnan Province, and the mining company's gold mine gold reserves owned by the mining company should not be less than 40 tons.

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