Acquisition Timetable My interpretation is that item (b) would be presumptive upon IPO funds being available if negotiations with the owner were to begin, othewise why negotiate pricing issues
The following table sets out the expected timeframe to implement our acquisition plan:
By 31 July 2023
(a) Searching/identifying potential acquisition gold mines.
By 31 August 2023
(b) (i)
Commence legal, financial and technical due diligence by professional teams on the preferred potential target reviewed by our inhouse technical team;
(ii) Commence preliminary due diligence and feasibility study by inhouse technical team on the potential acquisition targets.
(iii) Commence negotiation with owner of the potential target; and
(iv) Establish a new entity in the PRC for the potential sino-foreign joint venture for the acquisition.
By 30 September 2023
(c) (i)
(ii) Apply for the relevant regulatory approvals, including the business licence;
(iii) First capital contribution; and
(iv) Injection of the mining assets into the newly established sino-foreign joint venture.