Changzhou Almaden Co., Ltd. (SZSE:002623) announced a private placement of up to 48,000,000 A common shares for gross proceeds of not more than CNY 1,000,000,000 on August 21, 2020. The transaction will involve participation from not more than 35 specific investors. Issuance price will not be lower than 80% of the median market price of the company's shares as of 20 previous days to issuance date.

The shares issued in the transaction will have a hold period of six months from the date of issuance. The transaction has been approved by the board of directors of the company at the tenth meeting of its fourth board of directors. The issuance plan still needs to be reviewed and approved by its shareholders meeting and approved by the China Securities Regulatory Commission.

The resolution of this transaction will be valid for 12 months from the date of approval by the shareholders' meeting.