China Metal Resources Utilization (CMRU) (01636) said the subscription agreement regarding the proposed placing of 73.25 million new shares to Jizhong Hongyuan International Trading Company Limited had lapsed as certain conditions precedent to the subscription had not been fulfilled on 30 April 2016.
CMRU will continue to explore opportunities to invite appropriate investor(s) to invest in the company.
The CMRU Board was informed by substantial shareholder Huang Weiping that as certain conditions precedent under the share sale agreement had not been fulfilled on 30 April 2016, the proposed disposal of 82.79 million CMRU shares to Jizhong Hongyuan had lapsed.
Jizhong Hongyuan is a state-controlled company established in the PRC whose principal businesses include non-ferrous metals, petroleum and chemical products and other commodities trade.
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