VERDE RESOURCES, INC. : Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits (form 8-K)

Item 2.01 Completion of Acquisition or Disposition of Assets.

On May 10, 2021, Verde Resources, Inc. (the "Company"), through its wholly-owned subsidiary Verde Resources Asia Pacific Limited ("VRAP") (fka Gold Billion Global Limited), a company incorporated under the laws of the British Virgin Islands, entered into a Sale and Purchase Agreement (the "S&P Agreement") with Borneo Energy Sdn Bhd ("Borneo Energy"), a company incorporated under the laws of the Malaysia, to acquire from Borneo Energy the assets of its biofraction plant and the right to use its licensed intellectual property known as "Catalytic Biofraction Process" in the state of Sabah, Malaysia. Under the terms of the S&P Agreement, the consideration for the acquisitions shall be satisfied in full by the issuance of 166,666,667 shares of the Company's restricted common stock at the price per share of $0.03. The acquisition from Borneo Energy the assets of its biofraction plant and the right to use its licensed intellectual property known as "Catalytic Biofraction Process" in the state of Sabah, Malaysia was completed on February 24, 2023.

Item 9.01 Financial Statements and Exhibits.

The Sale and Purchase Agreement is attached hereto as Exhibit 10.1.

  10.1       Sale and Purchase Agreement with Borneo Energy Sdn Bhd





2

© Edgar Online, source Glimpses