Spur Ventures Ends China Operations With Sale of Its Chemicals Subsidiary

Spur Ventures Inc., a Vancouver-based natural resources company, has entered into a share purchase agreement to sell its wholly-owned China-based subsidiary, Spur Chemicals (BVI) Inc., to Hong Tang Vision Ltd., a limited liability company registered in the Cayman Islands, for cash consideration of $9.25 million. Through BVI, Spur Ventures had owned an interest in two Chinese joint ventures, including Yichang Maple Leaf Chemicals and Yichang Spur Chemicals. Under the agreement, Spur Ventures has agreed to sell all of its issued and outstanding shares of Spur BVI to Hong Tang.