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- Greenwing Resources (GW1) enters into a strategic funding transaction with Chinese EV developer NIO, through its wholly owned subsidiary, Blue Northstar
- As part of the transaction, the company completed a $12 million placement of 21.8 million shares to NIO
- Additionally, Greenwing has granted a call option to NIO to acquire up to 40 per cent of Andes Litio’s issued capital which holds option rights over the San Jorge lithium project
- Concurrently, NIO’s nominee Alan Zheng has been appointed to the Greenwing board of directors, effective from today
- Shares in Greenwing are up 21.8 per cent, trading at 33.5 cents as of 2:30 pm AEDT
Greenwing Resources (GW1) has entered into a strategic funding transaction with NIO, through its wholly owned subsidiary, Blue Northstar.
The company completed a $12 million placement of 21.8 million shares to NIO.
Additionally, Greenwing also granted a call option to NIO to acquire between 20 to 40 per cent of the issued capital of Andes Litio which holds option rights over the San Jorge lithium project.
At completion, NIO holds a shareholding of 14.7 per cent based on the company’s current issued capital.
Concurrently, NIO’s nominee Alan Zheng has been appointed to the Greenwing board of directors, effective from today.
Shareholders approved the strategic transaction and Mr Zheng’s appointment at the company’s general meeting held on December 19, 2022.
Shares in Greenwing were up 21.8 per cent, trading at 33.5 cents as of 2:30 pm AEDT.
