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Hong Kong Law

February 2013

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Charltons - Hong Kong Law Newsletter - Issue 179 - 09 February 2013

Mineral Companies Hong Kong

Chapter 18 Hong Kong

R18.15 Companies Hong Kong

Continuing Disclosure Obligations of Mineral Companies and R18.15 Companies Hong Kong

Acquisition of mineral assets Reverse takeover New listing applicant under Chapter 18 Hong Kong

R18.15 Companies Listed issuers that publicly disclose details of resources and/or reserves Hong Kong

Listing Rule 18.03(2) Portfolio of Indicated Resources or Contingent Resources that is meaningful and of sufficient substance to justify the listing Target company early stage exploration

Waiver of requirement for Competent Person's Report and a Valuation Report on acquisition of mineral assets by listed issuer who is not a Mineral Company

Deferral of competent person's reports and valuation reports in hostile takeovers Rule 14.67A Lack of availability of non-public information on target company Difficulties in making disclosures

Acceptable Reporting Standards Estimate of resources and reserves under Chinese reporting standards Rule 18.03(2)

Listing Rule 18.09(2) Waiver of Competent Person’s Report requirement on a disposal
Requirement for a clear path to commercial production Waiver from the financial standards requirements for Mineral Companies
Listing Rule 18.03(1) Right to participate actively in the exploration for and/or extraction of natural resources Target company
Disclose Net Present Values (NPVs) to Proved Reserves, Proved plus Probable Reserves, Proved plus Probable plus Possible Reserves and Contingent Resources both on a pre-tax and post-tax basis under Main Board Rule 18.33(2)
Waiver of Main Board Rule 18.33(6) Disclose estimated values of Possible Reserves, Contingent Resources and Petroleum-Initially-In-Place (PIIP)