Ximei Resources Holdings Co., Ltd. announced it has signed a framework share subscription agreement for a private placement of 60,000,000 shares at the price of HKD 4.0 per share for gross proceeds of HKD 240,000,000 on May 20, 2022. The transaction will include participation from GFL investment (Hong Kong) Limited. Post-completion of this transaction, GFL investment (Hong Kong) Limited.

Will hold 16.7% stake in the company. The shares carry a 180 day lock up period from the date of completion.