Verde Resources, Inc. (OTCMKTS:VRDR) Files An 8-K Entry into a Material Definitive Agreement

Verde Resources, Inc. (OTCMKTS:VRDR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

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On June 17, 2021, Verde Resources, Inc. (the “Company”), through its indirect subsidiary Bio Resources Limited (“BRL”), a company incorporated under the laws of the Labuan, entered into a Shares Sale Agreement with Global Renewables Sdn Bhd (“Global Renewables”), a company incorporated under the laws of the Malaysia, to acquire the entire issued and paid-up share capital of Global Renewables. Under the terms of the Shares Sale Agreement, the consideration for the acquisition shall be satisfied in full by the payment of Malaysia Ringgit MYR 25,000 upon the execution of the Shares Sale Agreement.

On June 18, 2021, the Company, through its wholly-owned subsidiary Gold Billion Global Limited (“GBL”), entered into a Shares Sale Agreement with Lamax Gold Limited (“LGL”), a company incorporated under the laws of the British Virgin Islands, in relation to acquisition of the remaining 15% of the issued and paid-up share capital of Champmark Sdn Bhd (“CSB”), a company incorporated under the laws of the Malaysia. Prior to this acquisition, GBL owned 85% equity in CSB. Upon completion of the acquisition, GBL would own the entire issued and paid-up share capital of CSB. Under the terms of the Shares Sale Agreement, the consideration for the acquisition shall be satisfied in full by the payment of Malaysia Ringgit MYR 150,000 upon the execution of the Shares Sale Agreement.

Item 9.01 Financial Statements and Exhibits

VERDE RESOURCES, INC. Exhibit

To view the full exhibit click here

About Verde Resources, Inc. (OTCMKTS:VRDR)

Verde Resources, Inc. is engaged in gold mining in Malaysia. The Company is undertaking natural mineral resource extraction management services. The Company conducts business operations in Pahang, Malaysia through its indirect subsidiary, Champmark Sdn Bhd (CSB). Its exploration and mining business is provided through contractual arrangements with CSB through its subsidiary, Gold Billion Global Limited (GBL). Its CSB, the variable interest entities (VIE) of GBL, sells gold minerals directly to the gold trading company in Malaysia. CSB holds the operating right to Merapoh Gold Mine (the Mine). The Mine is located in northern Pahang and in the middle of Malaysia’s gold metallogenic belt. It lies between the western and eastern tin belts and extends from Kelantan (Sungai Pergau and Sungai Galas) to Pahang (Merapoh, Kuala Lipis, Raub), Terengganu (Lubuk Mandi), Negri Sembilan and Johor (Gunung Ledang).

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