Grand Ocean AR (00065) announced on July 5, 2024 that Grand Ambition Global and Grand Ambition Group Co., Ltd. terminated the subscription agreement with Laos Taishan Jiujiu Investment (the target company). After the termination of the subscription agreement, the target company and Grand Ambition Global agreed not to make any claims to each other for any matters relating to the subscription agreement, except for claims arising from the breach of the subscription agreement or the termination agreement (as disclosed below). The target company agrees that if it fails to fully return the earnest money to Grand Ambition Group Co., Ltd. after the termination of the subscription agreement, it will promote the transfer of the 51% mining rights of copper mine or any other assets held by the project company (if any) to Grand Ambition Global.
According to the announcement of Grand Ocean AR (00065), on July 5, 2024, Grand Ambition Global and Grand Ambition Group Co., Ltd. entered into an agreement to terminate the subscription agreement with Laos Taishan Jiujiu Investment. After the termination of the subscription agreement, the two sides agreed not to make any claims related to the subscription agreement to each other, except for claims arising from the violation of the subscription agreement or the relevant clauses of the termination agreement (as disclosed below).
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If the target company fails to fully return the earnest money to Grand Ambition Group Co., Ltd. after the termination of the subscription agreement, the target company agrees to transfer the 51% mining rights of copper mine or any other assets held by the project company (if any) to Grand Ambition Global.
The announcement stated that since Grand Ambition Global will be able to recover all the earnest money and accrued interest as compensation from the target company upon the termination of the subscription agreement, the board of directors believes that entering into the termination agreement is acceptable, and the termination agreement is a normal commercial term, fair and reasonable, and in line with the overall interests of the company and its shareholders.