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[2023.10.24] Announcement on the sale of shares held by the largest shareholder's special relationship and short-term borrowing of funds
Since there are many inquiries from shareholders, we inform shareholders in detail through the homepage bulletin board.
In order to complete the secondary battery value chain, a large amount of money is required for mining development and battery plant expansion.
As a result, we are pursuing capital adequacy by attracting domestic and international funds, and financing takes some procedural time.
In this case, the company plans to sell the stake owned by the largest shareholder related person and lend it to Kumyang, acquire SM Lab's stake, expand the Gijang plant, and make additional investments to operate the Mongolian mine in the future.
And when the payment of SM Lab's new stock acquisition is completed in accordance with the board's resolution and contract on September 27, 2023, the funds for the acquisition of SM Lab's stake will be executed to expand the SM Lab plant, and if SM Lab is listed after this investment, we expect it to create a great synergy effect with the company.
Thank you.
Director of Public Disclosure, Jang Ho-cheol