China Natural Resources, Inc. (NasdaqCM:CHNR) signed a definitive agreement to acquire 51% stake in Shanghai Onway Environmental Development Co Ltd from Li Feilie for approximately CNY 100 million on July 27, 2021. Under the terms of the agreement, China Natural issued three million restricted shares of the Company’s common stock, transferred 120 million shares of Feishang Anthracite Resources Limited, as well as approximately CNY 10.3 million in cash to the seller. In addition, approximately CNY 130 million of target Debt owed to Li Feilie will be transferred to China Natural which debt will be eliminated upon consolidation. The transaction is subject to regulatory approvals, third party consents, and other customary closing conditions.