China Natural Resources (CHNR) Agrees to Acquire Pineboom Investments for $25M
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China Natural Resources, Inc. (Nasdaq: CHNR) today announced that it has entered into an agreement with Feishang Group Limited, pursuant to which China Natural Resources agreed to acquire from Feishang all of the issued and outstanding capital stock of Pineboom Investments Limited and its wholly-owned subsidiaries, collectively known as the Coal Group, and the outstanding indebtedness owing by the Coal Group to Feishang on the closing date.
The purchase price for the Shares and Indebtedness is US$25 million, subject to adjustment. If the deal goes through, it is expected to close in Q109.
China Natural Resources, Inc., through its subsidiaries, engages in the exploration, mining, and development of zinc, iron, and other minerals for distribution in the People's Republic of China.
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