Sinovus
Sinovus Mining Limited (SML) is a Australian public company, it was formed in August 2006 with the specific intent to acquire and develop high value precious metals and mineral projects in China.
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Sinovus up 20pct on acquisition of Sino Coal
Shares in China focussed explorer, Sinovus surged 20% on news of a coal acquisition deal in China.
Sinovus will acquire the issued capital of Sino Coal Ltd. Sino Coal is an unlisted (as far as can be determined) coal exploration and development company with agreements in place for it to acquire a 90% interest in two ventures that own coal mines in China. Purchase price offered by Sinovus for 100% of Sino Coal is the issue of 240.1 million Sinovus shares worth $6.4 million or 2.67 cents per share. Sino Coal shareholders would own 65.7% of Sinovus after the deal. Further details will be available in an explanatory memorandum.
The two coal mines to be 90% owned by Sino Coal are as follows: tje first is the XinYuan Coal Mine, located on southern outskirts of Zhengzhou, capital city of Henan Province and the second mine is the YahShan Coal Mine in southern Henan Province.
Sinovus was formed in August 2006 with the specific intent to acquire and develop high value precious metals and mineral projects in China. SML specialises in Chinese opportunities that have gone unexploited due to a lack of capital resources and / or modern exploration technology. After several years of work, SML believes it can "unlock undervalued opportunities within China."
