Pangang Group Vanadium & Titanium Resources Co., Ltd. announced that it will issue A shares not more than 2,580,907,860 shares for gross proceeds of no more than RMB 2,280,000,000 on September 5, 2022. The company and Ansteel Group Corporation Limited signed the Non-public Issuance of A Shares Subscription Agreement. The transaction includes participation from no more than 35 investors including Ansteel Group Corporation Limited for CNY 300,000,000.

The number of shares in this non-public offering is determined by dividing the total amount of funds raised by the issue price, and shall not exceed 30% of the total share capital before this offering. The pricing base date for this non-public offering of shares is the first day of the offering period. The issue price shall not be lower than 80% of the average trading price of the company's A shares in the 20 trading days prior to the pricing benchmark date.

After the completion of the non-public offering, the shares subscribed by investor shall not be transferred within 18 months from the date of the end of the offering. The shares subscribed by the remaining investors shall not be transferred within 6 months from the end of this non-public offering. The transaction has been reviewed and approved at the third meeting of the ninth board of directors of the company.

The transaction still needs to be approved by the company's general meeting of shareholders, and approved by the China Securities Regulatory Commission.