Chaswood Resources plans to pay for the US$500 million acquisition by issuing some 17.86 billion new shares at 2.8 US cents each.
Chaswood Resources, fresh from calling off its US$1 billion RTO deal with 3DOM Inc, has signed a US$500 million ($678.6 million) deal one week later instead with a business linked to one its controlling shareholder Jared Lim.
Under terms of a binding term sheet signed on Nov 24, Chaswood Resources will acquire a Hong Kong based company called HK Aerospace Beidou New Energy Technology Co (HKAB), whose largest shareholder is Techna-X, a Bursa-listed company.
