JES

JES: Received the pre-first tranche subscription of 29 subscription shares in Mineriver Pte Ltd, part of the first tranche on its aggregate 30% stake acquisition in the company. Under the first tranche of 100 subscription shares (5% of enlarged share capital), 29 subscription shares will be granted as a repayment of a $2m loan that JES granted Mineriver, while the remaining 71 will be satisfied via cash of $5m. Following this, the second (15% for $60m) and third tranche (up to a total of 30% for $60m) will be paid via a combination of cash and/ or issue an of new shares in JES. Mineriver holds mineral exploration rights in the Xinjiang Uygur Autonomous Region, China, in metals and minerals, which includes magnesium and nickel. The group is expected to obtain the relevant mining rights and operate production lines to manufacture magnesium products. According to a Joint Ore Reserves Committee report, the estimated mining value of the relevant assets are not less than $60b. Mineriver intends to make an application to seek listing on a recognized stock exchange.