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.

Shenzhen Zhongjiyingfeng Investment Co., Ltd. completed the acquisition of Hongri International Holding Limited from JX Luxventure Limited (NasdaqCM:JXJT) on October 19, 2022. At the closing, the buyer issued to the company a 5% promissory note in the principal amount of $10 million, in payment of the purchase price.