Hk Aerospace Beidou New Energy Industry Technology Co Ltd entered into a Term Sheet to acquire ChasWood Resources Holdings Ltd. in a reverse merger transaction on November 24, 2021. Hk Aerospace Beidou New Energy Industry Technology Co Ltd entered into a share purchase agreement to acquire ChasWood Resources Holdings Ltd. in a reverse merger transaction for approximately SGD 680 million on December 27, 2021. The total consideration of SGD 678.57 million will be satisfied via the issuance of approximately 17,857,105,263 new ordinary shares in Chaswood at a an pre-consolidation issue price of SGD 0.038 per Chaswood Share. Upon completion of the Proposed Disposal which will result in a Reverse Takeover (“RTO”) of CRHL, the Target Company will become an indirect subsidiary of TXB via TXB's substantial shareholding in CRHL pursuant to the RTO. The execution of the Term Sheet is not expected to have any material effect on the earnings, net assets, gearing, share capital, and substantial shareholders' shareholdings of TXB. TXB proposes to dispose its entire 100,000 HKAB Shares representing 50% equity interest in HKAB for a consideration of SGD 339 million. Transaction is subject to due diligence and approval of Board of ChasWood Resources Holdings Ltd. The transaction is conditioned on approval of SGX-ST, approval of Securities Industry Council of Singapore, approval of the shareholders of TXB, approval of the shareholders of Chaswood, approval of the shareholders of TXB and all relevant approvals, consents or waivers from any other third party, if required, the completion of the Proposed Share Consolidation on or before the Completion Date, all Vendors' Warranties materially being complied with, no litigation, action, suit or other proceedings being pending against the Purchaser and vendor. The Proposed Disposal and the Chaswood Proposals are expected to be completed in the second half of 2022. The Board of Chaswood Resources appointed ZICO Capital Pte. Ltd. as its Full Sponsor and Financial Adviser in connection with the Proposed Acquisition.

Hk Aerospace Beidou New Energy Industry Technology Co Ltd cancelled the acquisition of ChasWood Resources Holdings Ltd. in a reverse merger transaction on October 5, 2022.