Wanguo International Mining Group Limited (SEHK:3939) entered into a subscription agreement with new investor Shandong Humon Smelting Co., Ltd. (SZSE:002237) for a private placement of 108,000,000 shares at a price of HKD 2.18 per share for gross proceeds of HKD 235,440,000 on December 29, 2020. The investor will hold 13.04% stake in the company after completion. The transaction is subject to due diligence, approval of board/shareholders' for the subscription having been obtained by the subscriber, the necessary approval from the State-owned Assets Supervision and Administration Department for the subscription, the necessary approval for overseas investment and foreign exchange remittance from the relevant domestic governmental or regulatory authorities and the listing committee of the stock exchange granting to the listing of and permission to deal in, the subscription shares.

The transaction has been approved at the sixth provisional meeting of the ninth board of directors of Shandong Humon Smelting Co., Ltd. (SZSE:002237). The company will receive net proceeds of HKD 235,200,000. The investor will have a right to nominate one person to be appointed as an executive director of the company.

All securities issued shall have a lock in period of 12 months from issuance. The company expects to receive payment within 5 working days from signing of agreement.