Gulf Resources, Inc. (NASDAQ:GURE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
Limited (SCHC), a subsidiary of Gulf Resources, Inc. (the
Registrant), entered into a Demolition Compensation Agreement
with the Office of Weifang City Binhai Economic-Technological
Development Zone. In connection with certain government sponsored
construction projects that are underway in Weifang City, there is
a need for the government to acquire the land on which Factory #6
of SCHC is located. Under the terms of the agreement, the parties
have agreed on the demolition and clean-up of the premises where
Factory #6 is located and Weifang City has agreed to compensate
SCHC in the aggregate amount of RMB 18,529,225.67 (of
USD$9,722,222) for the demolition of the factory.
qualified in its entirety by the full text of such agreement,
which is filed as Exhibit 10.1 hereto, and incorporated by
reference herein.
announcing the entry into the Demolition Compensation Agreement
disclosed in Item 1.01 of this Current Report on Form 8-K. A copy
of the press release is furnished as Exhibit 99.1 hereto.
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Exhibit No.
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Description
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10.1
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Taiwan Island Ecological Culture City Project
DemolitionCompensation Agreement for Factory #6 of Shouguang CityHaoyuan Chemical Company Limited |
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99.1
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Press Release, dated November 28, 2016
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About Gulf Resources, Inc. (NASDAQ:GURE)
Gulf Resources, Inc. is a holding company. The Company manufactures and trades bromine and crude salt; manufactures and sells chemical products used in oil and gas field exploration, oil and gas distribution, oil field drilling, wastewater processing, papermaking chemical agents and inorganic chemicals, and manufactures and sells materials for human and animal antibiotics. The Company operates in three segments: bromine, crude salt and chemical products. Crude salt is the principal material in alkali production, as well as chlorine alkali production and is used in the chemical, food and beverage, and other industries. Its Chemical products include Hydroxyl guar gum, Demulsified agent, Corrosion inhibitor for acidizing, Bactericide, Iron ion stabilizer, Flocculants agent, Bromopropane, Solid lubricant, Polyether lubricant and Chlorantraniliprole. Its production sites are located in the Shandong Province in northeastern China. Gulf Resources, Inc. (NASDAQ:GURE) Recent Trading Information
Gulf Resources, Inc. (NASDAQ:GURE) closed its last trading session down -0.02 at 2.27 with 333,634 shares trading hands.