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Jilong Gold Acquires 100% of Xiongfeng Rare & Precious Metal

August 11, 2014

SHANGHAI, August 11, SinoCast -- Chifeng Jilong Gold Mining announces that the company takes over 100% of Xiongfeng Rare & Precious Metal Materials by a share issuance and cash payment. The target company earlier planned an IPO.

The 100% equities were assessed at CNY 906 million. Jilong Gold plans to buy 90% of the equities by issuing shares at CNY 7.15 apiece and to buy the remaining 10% with cash. The company plans to raise not more than CNY 303 million by selling shares at a base price of CNY 6.44 apiece.

The company is engaged in gold mining, dressing and sales. It will add nonferrous metal recycling and utilization business after the deal.

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Source: Sinocast Metals, Mining & Chemicals Beat (China)

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