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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