SHENZHEN, China, March 17, 2021 /PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the "Company"), a commodities trading service provider in China, today announced that the Company and Tongdow E-Trade Limited ("Tongdow E-Trade"), a wholly owned subsidiary of the Company have entered into a letter of intent with Chenzhou Dingmei Silver Co., Ltd. ("Chenzhou Dingmei") for acquiring the ownership of a molybdenum copper ore in Kazakhstan.
Pursuant to the LOI, Chenzhou Dingmei shall transfer 100% of the copper ore mine and 100% of the equity ownership of East Kazakhstan Group Company to GLG and Tongdow E-Trade for an aggregate consideration of RMB 98 million paid in shares and cash. The LOI also provides for the further investment of RMB 80 million by the Company for the construction of facilities and operations of the mine.
Molybdenum copper often are metal ores with rare precious metals such as raw silver selenium rhenium tellurium. Molybdenum coppers are indispensable materials widely used in aerospace and military industries.
Ms. Renmei Ouyang, the Chief Executive Officer commented, "The planned acquisition of the molybdenum copper ore mine in Kazakhstan signals the start of our scouting efforts for upstream resources in ore assets. The Company will advance its strategic investments in commodities-related oil and ore resources, with its planned collaboration with Chenzhou Dingmei serving as its first move into the ore mine resource field in Kazakhstan."
Completion of the transaction is subject to due diligence investigations by the relevant parties, the negotiation and execution of a definitive share exchange agreement, satisfaction of the conditions negotiated therein including the approval of the Company's Board of Directors and shareholders, approval by NASDAQ of the listing of shares issued in the transaction, and the satisfaction of other customary closing conditions. There can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Further, readers are cautioned that those portions of the LOI that describe the proposed transaction, including the consideration to be issued therein, are non-binding.
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in commodity trading business and supply chain service business in China. Its commodities trading business primarily involves purchasing non-ferrous metal product from upstream metal and mineral suppliers and then selling to downstream customers. Its supply chain service business primarily has served as a one-stop commodity supply chain service and digital intelligence supply chain platform integrating upstream and downstream enterprises, warehouses, logistics, information, and futures trading. For more information please visit http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements" relating to the business of TD Holdings, Inc. and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: there is uncertainty about the spread of the COVID-19 virus and the impact it will have on the Company's operations, the demand for the Company's products and services, global supply chains and economic activity in general. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the occurrence of any event, change or other circumstances that could give rise to the terms of the LOI not hereafter being memorialized in a definitive agreement; the outcome of any legal proceedings that have been, or will be, instituted against the Company or other parties to the LOI following announcement of the LOI and transactions contemplated therein; the inability to complete the transactions contemplated by the LOI due to the failure to meet certain closing conditions; risks that the proposed transaction disrupts current plans and operations and the potential difficulties in employee retention as a result of the announcement of the LOI and consummation of the transaction described therein; costs related to the proposed acquisition; changes in applicable laws or regulations; and other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the "SEC") by the Company.
For more information, please contact:
EverGreen Consulting Inc.
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Phone: +86 13502048965
SOURCE TD Holdings, Inc.