Qiao Xing to acquire Mable Mine Company

2 December 2011:  Qiao Xing Universal Resources, Inc., a leading company in the molybdenum mining business as well as a company with substantial assets in the resources industry, has signed a letter of intent to acquire a 100% equity interest in a company that owns an open-pit marble mine located in Guzhang County, Hunan province, China, from an independent third party.

Under the terms of the LOI, the cash consideration for the acquisition will be determined by a third-party appraisal of the equity value of the Target Company as of October 31, 2011. The Company will pay an upfront refundable deposit of RMB 400 million to the Vendor to secure an exclusivity period of 120 days in which to complete the proposed acquisition. The Company is currently considering various options for financing the proposed acquisition.

Source: Yourindustrynews