Burwill Holdings Limited
Burwill (24) Introduces GSR Capital as Investor and Raises Funds of HKD158 Million
For Immediate Release Burwill Introduces GSR Capital as Investor and (Hong Kong, 31 May 2017) Burwill Holdings Limited (“Burwill” or the “Group”) (SEHK: 24) is pleased to announce that the Group entered into a subscription agreement with GO Scale Capital, L.P., in which GO Scale Capital, L.P. agreed to subscribe 876 million of subscription shares at the price of HKD0.18 per share, representing approximately 15% of the enlarged total issued share capital of the Group. The net proceeds of approximately HKD157 million will be used for the procurement and processing of lithium concentrates business. Immediately upon completion of the subscription, GO Scale Capital, L.P. will become a substantial shareholder of the Group. GO Scale Capital, L.P. is an emerging industry growth foundation fund of GSR Capital. GSR Capital is a famous high-tech investment institution with years of experience in cross-border investments. The investment areas of GSR Capital cover semiconductor, LED, electric vehicle industry chains with particular focus on the industrialization of mature technologies and target projects of investments in scarce resources. GSR Capital has been dedicated to electric vehicle industry for more than 10 years and possesses strong market resources and integration capabilities through its investments in manufacturers that cover upstream materials, power batteries, wheel motors and vehicle designs, such as Boston Battery, XDY Zhidou, Fisko Electric Vehicles and Taiwan Aleees Lithium Iron Phosphate. Mr. Chan Shing, Chairman of Burwill, stated “We are delighted to introduce GO Scale Capital, L.P., GSR Capital’s emerging industry growth foundation fund, as our investor. The subscription not only offers a good opportunity to raise additional funds to facilitate our future development in lithium resources business, but also represents the recognition of the capital market in the Group’s direction and business strategy. Lithium concentrate is raw material for lithium carbonate processing and lithium carbonate is the core materials for the production of high-power lithium-ion batteries, which is mainly applied in vehicle sector. With the application of lithium has become more prevalent in recent years, its demand also continues to increase synchronously. However, since global lithium resources are highly scarce, the prospect for global lithium resources is promising and optimistic. We will uninterruptedly develop the businesses of lithium concentrate procurement, lithium carbonate processing and sales. Meanwhile, we also plan to invest in a lithium carbonate plant in China in order to generate new sources of income for the Group.” Mr. Sonny Wu, Chairman of GSR Capital, stated “We are bullish on the prospect of Burwill’s lithium resources business. Burwill entered into exclusive lithium concentrate offtake agreements with Alliance Mineral Assets Limited in Singapore and Tawana Resources NL in Australia earlier this year. Under which Burwill will be granted with exclusive selling rights to the lithium concentrate flowing from the Bald Hill Project in Western Australia for a five year term and pre-emptive rights to the same for subsequent five years, with an aim to provide quality lithium raw materials. With GSR Capital’s rich investment experiences in the energy sector and overseas advanced technology, together with Burwill’s profession in metal trading and processing, we believe the co-operation will allow us to give full play to our strengths and maximize the synergistic effect.” About Burwill Holdings Limited (SEHK: 24) For enquiries, please contact PR ASIA Consultants Limited: Lorraine Lam/ Veronica Hui / Eunice Chan Document: http://n.eqs.com/c/fncls.ssp?u=KYBWNTEFEB Document title: Burwill (24) Introduces GSR Capital as Investor and Raises Funds of HKD158 Million
31/05/2017 Dissemination of a Financial Press Release, transmitted by EQS Group. |