Company: CHNR
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001079973-25-000143
Chunk: 168

Company: CHINA NATURAL RESOURCES INC
Filing Date: 2025-01-27
Form: POS AM
Chunk 168
---
 of
the Company, both dated May 15, 2023 which state that Feishang Group and Feishang Enterprise will provide continuous financial
support (in the form of interest-free loans) to us in relation to the going concern of our operations, including not recalling any
amounts due to them until we are in a position to settle the amounts due without having a detrimental impact on our financial
resources, and that Feishang Enterprise will pay debts on our behalf when needed. As far as the Company understands, there are no
limitations on the amount, provision or duration of support from Feishang Group or Feishang Enterprise.

Feishang Enterprise and
Feishang Group are each beneficially owned by Mr. Li Feilie, the principal beneficial owner of the Company, and members of his family.
Mr. Li is also the former Chief Executive Officer and Chairman of the Company and currently serves as a director of certain subsidiaries
of the Company. Wong Wah On Edward, the Chief Executive Officer and Chairman of the Company is also a director of certain affiliates of
Feishang Group.

Acquisition of Feishang Anthracite Shares in Exchange for Newly Issued Company Shares

On August 17, 2020,
the Company entered into the Sale and Purchase Agreement with Feishang Group pursuant to which the Company issued 9,077,166 shares of
the Company’s common stock, no par value, to Feishang Group, in exchange for 120 million shares of Feishang Anthracite, with an
approximate aggregate value of HK$87,522,000 (determined at a price of HK$1.006 per share, representing the average closing price of Feishang
Anthracite on the five trading days before August 17, 2020, adjusted for a 27.5% discount based on an independent valuation report). Feishang
Group is the largest stockholder in the Company, and is wholly owned by Mr. Li Feilie, who also beneficially owns 53.53% of the outstanding
equity of Feishang Anthracite.

Transfer of Equity Interests of Yangpu Lianzhong

On April 28,
2021, the Company’s subsidiary China Coal entered into an equity transfer agreement to transfer 100% of the equity interests of
Yangpu Lianzhong Mining Co., Limited (“Yangpu Lianzhong”) to the Company’s external related party, Shenzhen Feishang