HONG
KONG, Jan. 6, 2025 /PRNewswire/ -- China Natural
Resources Inc. (NASDAQ: CHNR) (the "Company") today announced that
on January 3, 2025, the Company has
been granted an additional 180-day period from Nasdaq's Listing
Qualifications Department, through June 30,
2025, to regain compliance with the $1.00 minimum bid price requirement for continued
listing on the Nasdaq Capital Market. The Company's common shares
continue to trade on the Nasdaq Capital Market under the symbol
"CHNR."
If at any time until June 30,
2025, the closing bid price of the Company's common shares
is at least $1.00 per share for a
minimum of ten consecutive business days, Nasdaq will provide the
Company with written confirmation of compliance. If compliance
cannot be demonstrated by June 30,
2025, Nasdaq will provide written notification that the
common shares will be subject to delisting. At such time, the
Company may appeal the determination to a Nasdaq Hearings Panel.
The Company intends to monitor the closing bid price of its common
shares between now and June 30, 2025,
and intends to consider available options to cure the deficiency
and regain compliance with the minimum bid price requirement within
the compliance period.
About China Natural Resources:
China Natural
Resources, Inc. (NASDAQ: CHNR) is currently a holding company that
operates in exploration and mining business. Upon the completion of
Precise Space-Time Technology disposition on July 28, 2023, the Company is engaged in the
acquisition and exploitation of mining rights in Inner Mongolia,
including exploring for lead, silver and other nonferrous metal,
and is actively exploring business opportunities in the healthcare
and other non-natural resource sectors. In 2023, China Natural
Resources agreed to acquire Williams Minerals, which operates a
lithium mine in Zimbabwe, for a
maximum consideration of US$1.75
billion. Currently, we are actively working with all
involved parties to close the deal as soon as possible. Williams
Minerals is owned by China Natural Resources' controlling
shareholder, Feishang Group Limited, and a non-affiliate, Top
Pacific (China) Limited.
Forward-Looking Statements:
This press release
includes forward-looking statements within the meaning of the U.S.
federal securities laws. These statements include, without
limitation, statements regarding the intent, belief and current
expectations of the Company, its directors or its officers with
respect to: the potential presented by the exploration and mining
sector in the People's Republic of
China (the "PRC") and other industry sectors in the PRC
generally; the impact on the Company's financial position, growth
potential and business of in the sale of Precise Space-Time
Technology and Shanghai Onway specifically; the experience, supply
chain and customer relationships and market insights of the Precise
Space-Time Technology team; and the Company's ability to locate and
execute on strategic opportunities in non-natural resources
sectors. Forward-looking statements are not a guarantee of future
performance and involve risks and uncertainties, and actual results
may differ materially from those in the forward-looking statement
as a result of various factors. Among the risks and uncertainties
that could cause the Company's actual results to differ from its
forward-looking statements are uncertainties associated with metal
price volatility; uncertainties concerning the viability of mining
and estimates of reserves at the Company's Wulatehouqi Moruogu Tong
Mine in Inner Mongolia; uncertainties regarding our ability to
acquire a mining permit and to extract mineral reserves located in
the Moruogu Tong Mine in an economically feasible manner;
uncertainties related to our ability to fund operations and capital
expenditures; uncertainties relating to the acquisition of Williams
Minerals that were not discovered by us through our due diligence
investigation; uncertainties related to the completion of the
acquisition of Williams Minerals which is conditional upon
satisfaction or waiver of various conditions; failure to complete
the acquisition of Williams Minerals may have a material adverse
effect on the Company's business, financial condition and results
of operations; uncertainties related to the realization of the
anticipated benefits associated with it; the potential lack of
appetite for the Company's current holdings as consideration for a
transaction; uncertainties related to geopolitical events and
conflicts, such as the conflict between Russia and Ukraine; uncertainties regarding the impact of
climate change on our operations and business; uncertainties
related to possible future increases in operating expenses; the
fluctuations of interest rates and foreign exchange rates; the
results of the next assessment by the Staff of the Nasdaq Listing
Qualifications department of the Company's compliance with the
Nasdaq Listing Rules; uncertainties related to governmental,
economic and political circumstances in the PRC; uncertainties
related to the Company's ability to fund operations; uncertainties
related to possible future increases in operating expenses,
including costs of labor and materials; uncertainties related to
the political situation between the PRC and the United States, and potential negative
impacts on companies with operations in the PRC that are listed on
exchanges in the United States;
and other risks detailed from time to time in the Company's filings
with the U.S. Securities and Exchange Commission. When, in any
forward-looking statement, the Company, or its management,
expresses an expectation or belief as to future results, that
expectation or belief is expressed in good faith and is believed to
have a reasonable basis, but there can be no assurance that the
stated expectation or belief will result or be achieved or
accomplished. Except as required by law, the Company undertakes no
obligation to update any forward-looking statements.
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SOURCE China Natural Resources, Inc.
