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Enviro Energy considers acquisition of China Area International

A unit of Enviro Energy International Holdings Ltd entered a non-binding memorandum of understanding for the potential acquisition of China Area International (HK) Ltd.

Enviro Energy said Dec. 24 that it intends to acquire a 100% interest in the China-based company, which holds an exploration license for granite mining at a 147,900-square-meter site in China's Liaoning province.

Even though the agreement did not specify the exact amount, the company said the consideration will be settled through the issuance of ordinary shares or a convertible bond.