Verde Resources to acquire 60% of VATA for MYR 2.25M in cash and stock

VERDE RESOURCES, INC.

Acquisition of 60% stake in Vata VM Synergy (M) Sdn. Bhd., a Malaysian green technology and compost company.
Total consideration of MYR 2,250,000: MYR 100,000 upfront, MYR 150,000 later, and MYR 2,000,000 in restricted common stock.
Stock issuance price at up to 10% discount from 5-day VWAP preceding issuance date.
Agreement dated March 23, 2023; transaction via wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

VERDE RESOURCES, INC. entered into Shares Sale Agreement with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah valued at total purchase consideration of Malaysia Ringgit MYR 2,250,000 (effective 2023-03-23).

Action: entry
Agreement: asset purchase
Counterparty: Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah
Value: total purchase consideration of Malaysia Ringgit MYR 2,250,000
Effective: 2023-03-23

Exact text from the filing

On March 23, 2023, Verde Resources, Inc. (the “Company”), through its wholly-owned subsidiary Verde Resources (Malaysia) Sdn. Bhd. (“VRM”), a company incorporated under the laws of Malaysia, entered into a Shares Sale Agreement (the “SSA Agreement”) with Murugesu A/L M. Narasimha and Deivamalar A/P Kandiah (“Vendors”), the legal and beneficial owners of Vata VM Synergy (M) Sdn. Bhd. (“VATA"), a company incorporated under the laws of Malaysia, to acquire 60% of the issued and paid-up share capital of VATA

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Source: SEC EDGAR

accession 0001640334-23-000483

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