Proposed Sale of Control Block in New Era
03 January 2020 - 9:00AM
New Era Minerals Inc. (TSXV: NEM; “New Era” or the “Company”)
announced today that it has been advised by Mr. Guang Ju Lin and
Ms. Wei Lin, significant shareholders of New Era, that they have
entered into binding agreements with Mr. Hang Peng, a resident of
Hunan, People’s Republic of China, for the sale of an aggregate of
58,840,932 common shares of New Era, representing approximately
55.03% of the outstanding shares of New Era, held directly and
through controlled companies and limited partnerships. The
transaction is subject to all necessary regulatory approvals,
including the approval of the TSX Venture Exchange.
Mr. Peng has advised the Company that he
currently does not exercise ownership or control, directly or
indirectly, over any common shares of New Era. Assuming completion
of the proposed transaction, no further security issuances by New
Era, and the acquisition of no other securities of New Era by Mr.
Peng, he would directly and indirectly beneficially own 58,840,932
common shares, representing approximately 55.03% of the number of
issued and outstanding common shares of New Era on a non-diluted
basis.
If the proposed transaction is completed, Mr.
Peng intends to subscribe for additional common shares of New Era
pursuant to a private placement to provide working capital to the
Company. The number of common shares to be acquired and the pricing
have not yet been determined. Mr. Peng also intends to make changes
to the management and the board of directors of the Company and to
seek new business opportunities for the Company which may involve
the acquisition of or merger with new businesses or assets,
however, the specifics of these proposed changes have not yet been
determined. Mr. Peng has advised that he is acquiring the common
shares in the current transaction for investment purposes and,
other than as described above, does not have any present intention
to acquire additional securities of the Company but may, depending
on the market and other conditions, increase or decrease his
beneficial ownership of securities of New Era, whether in the open
market, by privately negotiated agreements or otherwise, subject to
general market conditions and other available investment and
business opportunities.
About New Era
New Era Minerals Inc., through its wholly-owned
subsidiary, Haijin International Group Limited, owns 95% of
Xinjiang Yongkun Mining Co., Ltd (“Yongkun”). Yongkun's principal
activities are the exploration, evaluation and development of
mineral property interests in the People’s Republic of China (PRC),
including Yongkun's Suyekebei (Suyeke North) nickel property
located in Tuoli County, Tacheng Area, Xinjiang- Uyghur Autonomous
Region, PRC.
For additional information or, in the
case of Hang Peng, to obtain a copy of his early warning report,
please contact:
Vicky Gao, Corporate SecretaryTel:
86-13801155400E-mail : gaoweishan@nemnemnem.com
Hang PengTel: 86-13901100808E-mail :
13901100808h@vip.sina.com
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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