Xingye Silver & Tin to acquire control of Willing New Energy

Xingye Silver & Tin Mining Co., Ltd. announced on August 19 that, in order to support its core business development, diversify its non-ferrous mineral resource portfolio, and expand into and integrate the mineral resource market in Hunan Province, it plans to acquire control of Willing New Energy Co., Ltd. through one or more measures, including but not limited to a tender offer, competitive bidding, block trading, and negotiated transfers. The total investment for acquiring control and implementing measures to improve Willing New Energy's operations is expected to not exceed RMB1.8 billion (USD267.82 million).

The tender offer will be initiated by the company's wholly-owned subsidiary, Tibet Shannan Antimony Gold Resources Co., Ltd., to all shareholders of Willing New Energy. The offer price is RMB18.00 (USD2.68/share), with a proposed acquisition of 78,177,500 shares, representing 30.00% of Willing New Energy's total share capital. Based on the offer price of RMB18.00 (USD2.68/share) and the proposed acquisition of 78,177,500 shares, the total funds required for this tender offer amount to RMB1.407 billion (USD209.34 million), which will be paid by the acquirer with its own funds.

Willing New Energy's main businesses include the mining of tungsten, tin, lead, and zinc polymetallic ores, as well as lithium ore beneficiation and the processing and smelting of basic lithium battery raw materials. Its primary products include fluorite scheelite, tin raw ore, lepidolite, and lithium carbonate.