Nickel Resources Internatnl Hldgs : Announcements and Notices - Update on the Status of the Fulfilments of the Resumption Conditions; and Update on the Business Operation

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Nickel Resources International Holdings Company Limited

鎳資源國際控股有限公司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 2889)

UPDATE ON THE STATUS OF THE FULFILMENTS

OF THE RESUMPTION CONDITIONS;

AND

UPDATE ON THE BUSINESS OPERATION

References are made to the announcements of Nickel Resources International Holdings Company Limited (the "Company") dated 13 December 2017, 15 January 2018, 14 February 2018, 14 March 2018, 10 April 2018, 10 May 2018, 11 June 2018, 4 July 2018, 11 July 2018, 31 July 2018, 31 August 2018, 2 October 2018, 16 October 2018, 26 October 2018, 2 November 2018, 29 November 2018, 31 December 2018, 31 January 2019, 28 February 2019, 29 March 2019 and 30 April 2019 in relation to, among other things, the Resumption Proposal (together, the "Announcements"). Capitalised terms used herein shall have the same meanings as those defined in the Announcements unless otherwise specified.

UPDATE ON THE STATUS OF THE FULFILMENTS OF THE RESUMPTION CONDITIONS

As at the date of this announcement, the Company continues to work closely with its professional advisers and the Subscriber to prepare for the LAC Review Hearing scheduled for 5 June 2019 and further optimise the achievements of the Resumption Proposal. On 29 May 2019, Lianyungang City East Harvest Mining Company Limited (the "Vendor"), an indirectly wholly owned subsidiary of the Company, entered into a disposal agreement with Jiangsu Yu Gang Investment Development Co., Ltd.* (江蘇雲港投資發展有限公 司)(the "Purchaser"), an independent third party, pursuant to which the Vendor has conditionally agreed to sell and the Purchaser has conditionally agreed to purchase the entire prepaid land lease and buildings and certain equipment of the Group located in Lianyugang, PRC for an aggregate consideration of RMB 299.8 million (equivalent to approximately HKD 338.8 million) (the "Disposal"). The Disposal forms part of the Company's overall resumption plan, which includes, among others, the Subscription. The completion of the Disposal is conditional upon, among other things, the approval having been obtained from the Shareholders at an extraordinary general meeting of the Company and, if applicable, all the necessary consents and approvals having been obtained from the Stock Exchange and the SFC relating to the Disposal. It is expected that the proceeds from the Disposal will be used to settle partially bank and other borrowings of the Group.

The Disposal, if materialises, will constitute a major transaction for the Company under the Listing Rules and an announcement containing the details of the Disposal is being prepared and will be published by the Company in compliance with the Listing Rules and the Takeovers Code as soon as practicable.

* For identification purpose only