(Beijing, China) (“IEMR”) announces that it has acquired,via a non-brokered private placement, beneficial ownership of a total of 9,090,000
common shares of Mosquito Consolidated Gold Mines Limited (“Mosquito”) (the “IEMR
Shares”). The Shares represent approximately 15.36% of Mosquito’s 61,006,181 issued
and outstanding common shares.
In addition, Ivy Mining Inc. (“Ivy”), the shares of which are beneficially owned by
Hongxue Fu and Jianwen Zheng (both of whom collectively beneficially own all of the
issued and outstanding shares of IEMR), holds an additional 2,083,333 common shares
of Mosquito (the “Ivy Shares”) and 2,083,333 share purchase warrants (the “Ivy
Warrants”). Each Ivy Warrant entitles the holder to purchase an additional Mosquito
Share at a price of $0.30 per common share for a period of two years. The IEMR
Shares and Ivy Shares collectively represent 18.32% of the Mosquito Shares (21.01%
assuming the exercise of the Ivy Warrants).