Shenzhen Zhongjiyingfeng Investment Co., Ltd. agreed to acquire Hongri International Holding Limited from JX Luxventure Limited (NasdaqCM:JXJT) for $10 million on October 10, 2022. As of October 19, 2022, Shenzhen Zhongjiyingfeng Investment Co., Ltd. entered into and executed a stock purchase agreement and a Pledge and Security Agreement to acquire Hongri International Holding Limited from JX Luxventure Limited. At the Closing, the Shenzhen Zhongjiyingfeng Investment issued to the Company a 5% promissory note in the principal amount of $10 million in payment of the Purchase Price.

The Note is payable in four installments, on the following dates and in the following amounts: $1 million together with an accrued interest, is payable on or before November 19, 2022; $2 million together with an accrued interest, is payable on or before April 19, 2023, $3 million together with an accrued interest, is payable on or before April 19, 2024, and the remaining $4 million, together with an accrued interest, is payable on or before October 19, 2024.