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| SHZ > SEC Filings for SHZ > Form 8-K on 9-Nov-2012 | All Recent SEC Filings |
9-Nov-2012
Other Events, Financial Statements and Exhibits
On November 9, 2012, China Shen Zhou Mining & Resources, Inc. (the "Company") issued a press release announcing that it has successfully entered into agreements with a group of institutional investors to redeem, and fulfill its dividend obligations with respect to, 1,332 shares of Convertible Preferred Stock using $398,519.46 in cash, $391,764.48 of which will be used to redeem the Convertible Preferred Stock. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
As previously disclosed, the Company, in January and February of 2012, acquired 60% interests in three entities in Guizhou province (the "Acquired Entities") from certain sellers (the "Sellers"). Per the original agreements, the Company would bear the original debts of the Acquired Entities up to $7,897,000. Liabilities above that amount would be settled by the Sellers (the "Additional Liabilities"). The Sellers, who retained an interest in the Acquired Entities (the "Retained Ownership Interest"), have failed to settle the Additional Liabilities. As a result, the Company and the certain of the Sellers have entered into an agreement whereby such Sellers will transfer the portion of the Retained Ownership Interest held by such sellers to the Company (the "Transfer"). As a result of the Transfer, the Company will hold an 80% interest in the Acquired Entities.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated November 9, 2012
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