China Natural Resources, Inc. Acquires 100% Equity Interest in Feishang Mining Holdings Ltd., a Mining Enterprise
Thursday January 26, 3:22 pm ET
HONG KONG, Jan. 26 /PRNewswire-FirstCall/ -- China Natural Resources, Inc. (Nasdaq: CHNR - News), a company based in the People's Republic of China (PRC), today announced that, on January 24, 2006, China Natural Resources entered into an Acquisition Agreement with Feishang Mining Holdings Limited ("Feishang") and Feishang Group Limited (the "Feishang Shareholder") pursuant to which China Natural Resources will acquire 100% of the issued and outstanding capital stock of Feishang from the Feishang Shareholder. As consideration, at the closing of the acquisition, China Natural Resources will issue to the Feishang Shareholder common shares of China Natural Resources representing approximately 86.4% of its issued and outstanding common shares, and will issue to the Feishang Shareholder warrants to purchase an additional 4,500,000 common shares. Closing of the acquisition is expected to take place on or prior to February 3, 2006.
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