Gushan Environmental Energy Limited to Acquire a Controlling Interest in Hunan Yin Lian Xiangbei Copper Company Limited

Gushan Environmental Energy Limited

today announced that it has entered into definitive agreements to acquire a controlling interest in Hunan Yin Lian Xiangbei Copper Company Limited, a PRC-based company that is currently engaged in the recycled copper business, through a series of transactions in exchange for (i) RMB30,000,000 in cash, (ii) up to 20,000,000 newly issued ordinary shares of the Company, and (iii) up to a 14.17% interest in Engen Investments Limited, a direct, 75%-owned British Virgin Islands subsidiary of Gushan, subject to adjustment pursuant to an earn-out arrangement. The closing of each of the Transactions is subject to the satisfaction of, among others, customary closing conditions, including obtaining approvals from relevant PRC governmental authorities.