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| Accordance with Company's Investment Strategies; Achieving the Value of the Agreement |
HONG KONG, Sept 13, 2018 - (ACN Newswire) - Zhaojin Mining Industry Company Limited ("Zhaojin Mining" or the "Company", stock code: 1818, together with its subsidiaries, the "Group"), today announced its Sparky International Company Limited ("Sparky International") a wholly-owned subsidiary of the Company as an investor with, amongst other parties, Shandong Gold Mining Co., Ltd. ("Shandong Gold Mining") as the issuer entered into the Cornerstone Investment Agreement.
According to agreement, Sparky International has agreed to subscribe for the Investor Shares at the Offer Price. The Aggregate Subscription Price payable by Sparky International is expected to be no more than US$50 million. Sparky International shares will be acquired on the Listing Date contemporaneously with the closing of the International Offering, or on the Delayed Delivery Date as the Underwriters shall notify Sparky International at such time and in such manner as shall be determined by the Underwriters.
This investment is accordance with the Company's investment strategies, the Company is looking forward in taking advantages and resources from each other, deepening the cooperation and complement, fully achieving the value of the agreement, and actively promoting the healthy and sustainable development of China's gold industry. In the future the company expects to adhere to its strategy in the pure gold field development, strengthens cooperation with various strategic partners, actively promotes the "double H" strategic layout, enlarges and strengthens the mining foundation, and helps to promote the future development of Shandong Gold Mining in bringing greater returns to shareholders.
About Zhaojin Mining Industry Company Limited
Zhaojin Mining Industry Company Limited is a leading gold production enterprise in the PRC. The Group is located in Zhaoyuan City in Shandong Province - the 'Gold Capital' of China, holding 10% of the country's total gold reserves and having the longest history of gold mining in the PRC. The Group is principally engaged in the exploration, mining, ore processing, smelting and sale of gold products, and is the largest gold smelting enterprise in the PRC. The principal products of the Group include the standard Au9999 and Au9995 gold bullion of the Shanghai Gold Exchange. In addition, Zhaojin Mining also owns various gold mines throughout the northern, northwestern, southwestern areas, etc. of China. With its abundant gold resources, advanced technology and strong experience in gold product management, Zhaojin Mining should lead the Group to establish a leading position in the industry.
Topic: Press release summary
Source: Zhaojin Mining
Sectors: Metals & Mining, Daily Finance
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From the Asia Corporate News Network
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