candycrushonpc| Aide New Energy Affiliated entered into an asset transfer agreement with Shandong Dane Mining Technology

Aide New Energy (02623) issued an announcementcandycrushonpcAfter the end of the trading session on May 21, 2024, the seller, Shandong Xingsheng Mining Co., Ltd.(an indirect wholly-owned subsidiary of the company) and the buyer, Shandong Dane Mining Technology Co., Ltd., entered into an asset transfer agreement. The seller conditionally agreed to sell and the buyer conditionally agreed to acquire the underlying assets at a consideration of RMB 3candycrushonpc.14 billion yuan.

According to the asset transfer agreement, the seller will transfer to the buyer the mining rights of Yangzhuang Iron Mine (including the concentrator), the prospecting rights of Qinjiazhuang ilmenite, the production land of Yangzhuang Iron Mine (including leased and contracted land), houses, and production facilities (part included in the fixed assets catalog of Yangzhuang Iron Mine and the concentrator).

The announcement stated that the net proceeds from the sale were approximately RMB 289 million. The company plans to use the proceeds to invest in the Zhuge Shangyu Titanium Mine owned by Shandong Xingsheng, a major strategy of the group, and increase the mining and production line construction scale of the Zhuge Shangyu Mine to repay shareholders with better economic benefits from ferrotitanium production.