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2007-12-10 12:47:00 p.m. HKT, XFNA
HK-listed China Rise Intl to acquire mining assets in Liaoning for 1.83 bln
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hkd
HONG KONG (XFN-ASIA) - China Rise International Holdings Ltd, formerly
known as Anex Internationa Holdings, said it has agreed to acquire 80 pct
interest in a magnesite mine located in the northeastern province of Liaoning
from privately-owned Pure Hope Development Ltd for 1.83 bln hkd.
The company also plans to change its name to Magnesium Resources Corp Ltd
to reflect its new operational focus on the magnesium industry.
It currently manufactures electrical appliances and trades in building
materials.
The magnesite mine is located in the southwest city of Haicheng city with
an aggregate area of 0.8643 square kilometers.
Of the total acquisition price, 416 mln hkd will be paid for through the
issue of 800 mln new shares, 320 mln hkd will be satisfied through promissory
notes and the remaining 1.09 bln hkd by issuing convertible notes, China Rise
said.
The consideration shares represent 27.6 pct of the issued share capital
of the company as enlarged by the consideration shares.
Meanwhile, upon full conversion, a total of 2.1 bln conversion shares
will be issued by China Rise, representing 42.0 pct of the enlarged issued
share capital of the company.
Both the consideration shares and conversion shares will be issued at 0.
52 hkd per share, representing a 7.14 pct discount to the last closing price
of 0.56 hkd.
Afterwards, substantial shareholder Cheng Tun Nei's stake in the company
will decrease to 17.81 pct from 24.74 pct, while Pure Hope Development Ltd
will hold a stake of up to 29 pct in the company.
Trading in China Rise shares has been suspended.
( 1 usd = 7.8 hkd)
george.ng@xfn.com
gn/kmq xfngn/xfnkm
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