Western resources 700 million RMB to acquire 80% stake in silver-Mao mining

NetEase Finance August 16 News Western Resources Evening announcement, the company intends to 21.70 yuan/share to not more than 10 specific investors issue 32.258 million shares.　　The non-public offering of shares is not expected to raise capital of more than 700 million yuan, after deducting the issue and related fees after the net amount of raise funds of about 672 million yuan, will be used to acquire 80% of the stake in the silver-Mao mining.　　Silver-Mao Mining has Nanjing Qixiashan lead-zinc mine mining rights, the mining of minerals as galena, zinc ore, mining mode for underground mining, production scale of 350,000 tons/year, mining area of 0.9808 square kilometers, valid from August 4, 2010 to December 4, 2022. Silver-Mao Holdings pledged that the silver-Mao mining industry in 2010, 2011, 2012 three fiscal years to achieve after-tax net profit of 104 million yuan, 124 million yuan, 140 million yuan.　　After the audit of the CPA firm with the qualification of securities industry, if the annual net profit of the AG-Mao mining is lower than the promised value, then the bank will make up the difference in cash to the silver-Mao mining industry. After the company acquired 80% stake in the silver-Mao mining industry, the silver-Mao mining will become the company's main holding subsidiary of lead and zinc mining, the company increased the reserves of resources, and added new non-ferrous metal products to enhance profitability.