Western Energy Material Technologies Co., Ltd. announced that it expects to receive CNY 188.552806 million in funding from China Nuclear Energy Industry Corporation, Northwest Institute for Non-Ferrous Metal Research, Western Metal Materials Co., Ltd., Xi'an Industrial Investment Group Co., Ltd.
December 20, 2020
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Western Energy Material Technologies Co., Ltd. announced private placement of 37,560,320 shares at a price of CNY 5.02 per share for gross proceeds of CNY 188,552,806 on December 21, 2020. The transaction will include participation from existing investors China Nuclear Energy Industry Corporation for CNY 100,000,006 to hold 36.662% stake, Northwest Institute for Non-Ferrous Metal Research for CNY 47,966,100 to retain its 25.436% stake, Western Metal Materials Co., Ltd. (SZSE:002149) for CNY 15,988,700 to retain its 8.476% stake, and Xi'an Industrial Investment Group Co., Ltd. for CNY 24,598,000 to retain its 13.043% stake. The registered capital will increase from CNY 328,000,000 by CNY 37,560,320 to CNY 365,560,320 upon closing. The company will issue shares at premium to par value of CNY 1 per share. The transaction has been approved by the 8th session of the 7th directorate of Western Metal Materials Co., Ltd. (SZSE:002149).
WESTERN METAL MATERIALS CO., LTD is a China-based company primarily engaged in the research and development, manufacture and sales of rare metal products. The Company provides rare metal clad materials and products, titanium products, metal fibers and products, refractory metal products, tungsten-molybdenum materials, as well as precious metal products and others. The Company is also engaged in the rare metal testing and processing business. The Company distributes its products in domestic market and to overseas markets.
Western Energy Material Technologies Co., Ltd. announced that it expects to receive CNY 188.552806 million in funding from China Nuclear Energy Industry Corporation, Northwest Institute for Non-Ferrous Metal Research, Western Metal Materials Co., Ltd., Xi'an Industrial Investment Group Co., Ltd.
WESTERN METAL MATERIALS CO., LTD. 
