Selling shareholders of Wanguo International Mining Group Ltd. agreed to continue negotiations past the deadline with potential buyers who intend to acquire about 40.126% the company's enlarged issued share capital as the parties have yet to sign a formal agreement.
In November, selling shareholders Victor Soar and Achieve Ample entered into a memorandum of understanding to sell a combined 80 million shares, representing approximately 11.11% of the company's total shares.
As part of the deal, the company also intended to issue 232 million shares, or 32.2% of its entire issued share capital and 24.37% of its enlarged issued share capital, to be subscribed for by the potential buyer.
The parties agreed that a formal agreement can be signed by Dec. 24, or within 40 days from the MOU's date. Wangou said Dec. 27 that negotiations are still ongoing, with the potential buyers still conducting due diligence on the company.
Wangou added that the parties agreed not to sign any deal with other third parties despite the upcoming Dec. 31 deadline.