Horowitz Capital Ltd. intends to make a voluntary conditional general offer to acquire Silkroad Nickel Ltd. (Catalist:STP) from group of sellers on August 29, 2022. As part of the transactions, the shareholders of Silkroad Nickel will elect to receive either SGD 0.42 per share in cash or receive one new ordinary share in the capital of Silkroad Nickel. The transaction is conditional up to minimum threshold of 90% stake and the Offer is unconditional in all other respects. Horowitz Capital has received Irrevocable Undertakings from the shareholder including Far East Mining Pte. Ltd. Tan Chin Kok Victor, Mohan Veloo s/o Vethiveloo, Luk Wai Hong William, Todd James Morakis, Ghirardello Luigi Fortunato, Wang Ping Hsun Michael, Schillo Valentin Wolf, Then Yu Choong, Shandong Xinhai (Singapore) Pte. Ltd., Colin Ong Lian Jin, Tan Chong Jin, Quek Chin Thean, Tan Hui Yen Evonne, James Sinn Yuk Loh, Christopher W. Heine & Pauline L.B. Chen, and John O'Leary to elect shares consideration and Michael Anthony Ignatius Hession to elect cash consideration. The Offeror will be entitled to exercise its right to compulsorily acquire all the Shares of the Shareholders who have not accepted the Offer, once the 90% limited is achieved. In connection with the Offer, the Offeror has entered into a facility agreement with TAIGOF Credit Opportunities Limited as original lender. Under the facility agreement (the “Facility Agreement”), a United States dollar loan facility has been made available to the Offeror, which may be utilized for the purposes of, inter alia, funding the Offeror in connection with the Offer. The Offeror intends to make the Offer with a view to delisting and privatizing of Silkroad Nickel and it will continue its existing business activities and there are currently no plans to (i) introduce any major changes to the business of the Company, (ii) re-deploy any of the fixed assets of the Company or (iii) discontinue the employment of any of the existing employees of the Company or its subsidiaries, other than in the ordinary course of business. Acceptances of the Offer must be received not later than 5.30 p.m. (Singapore time) on October 10, 2022.

PrimePartners Corporate Finance Pte. Ltd. acted as financial advisor to Horowitz Capital.

Horowitz Capital Ltd. completed the acquisition of Silkroad Nickel Ltd. (Catalist:STP) from group of sellers on October 25, 2022.