Hong Kong-based China Gamma Group (Gamma) has announced that it plans to acquire two open pit vanadium deposits located in Xiushan County, Chongqing, China, for a total of HK$350 million ($45 million).
To afford the deal, Gamma has inked a three-year convertible note agreement with one of its main shareholders, Chen Xiaochong, who holds 27.83 percent of the group's issued share capital, raising HK$105 million ($13.5 million).