KUBR Kuber Resources Corporation (QB)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (date of earliest event reported):

 

September 30, 2024

 

Kuber Resources Corporation

(Exact Name of Registrant as Specified in its Charter)

 

Nevada		000-26119		87-0629754
(State of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

1113, Tower 2, Lippo Centre

89 Queensway, Admiralty, Hong Kong

(Address of principal executive offices)

 

+852 3703 6155

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company   x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

 

Securities registered pursuant to Section 12(b) of the Act: None

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

Acquisition Agreement with Gongfa Materials Co., Limited.

 

On September 30, 2024, Kuber Resources Corporation (the “Company” or “KUBR”), and its wholly owned subsidiary Kuber Resources (Guangdong) Co., Limited (“Kuber Guangdong”) entered into an Acquisition Agreement (the “Acquisition Agreement”) with Gongfa Materials Co., Limited, a Chinese corporation, (“Gongfa”), and the shareholders of Gongfa (the “Shareholders”). Gongfa is a manufacturer of engineered wood products.

 

Pursuant to the Acquisition Agreement, the Shareholders agreed to sell 100% of the issued and outstanding shares of Gongfa to Kuber Guangdong in exchange for the issuance of such number of shares of Company common stock, par value $0.001 per share (the “Common Shares”) which, collectively, shall be equal to approximately $130 million USD at an agreed upon price per share of $4.80 USD (the “Share Price”). The number of Common Shares issuable at closing is subject to receipt by the Company within 14 to 45 days of September 30, 2024 of a valuation report supporting the value of Gongfa (“Valuation Report”). In the event of a disagreement on the value set forth in the Valuation Report the parties shall receive a third-party valuation and negotiate in good faith to arrive at mutually agreeable value. The issuance of Common Shares shall occur no less than 45 days after receipt of the Valuation Report. Upon issuance at the present valuation, the Common Shares shall represent approximately 20% of the total issued and outstanding shares of common stock of the Company, based upon the shares outstanding as of September 30, 2024.

 

The transactions contemplated by the Acquisition Agreement and Exchange Agreement (defined below) are expected to close during fourth quarter 2024, subject to the satisfaction of customary closing conditions. Other than the foregoing, there are no other material relationships between the Company or its affiliates and Gongfa or its affiliates: (i) Li Jiyong, one of the Company’s current directors, is a shareholder of Gongfa, and (ii) the anticipated Exchange Agreement transaction whereby the Gongfa Shareholders shall become shareholders of Storming Dragon Limited, the Company’s majority shareholder controlled by its CEO, Raymond Fu.

 

Storming Dragon Exchange Agreement

 

Concurrent with the Company’s entry into the Acquisition Agreement, the Shareholders entered into an Equity Exchange Agreement (“Exchange Agreement”) with Storming Dragon Limited, a British Virgin Islands company (“Storming Dragon”) pursuant to which the Shareholders agreed that each of the Shareholders shall become shareholders in Storming Dragon pro-rata to their ownership interest in Gongfa and all Company shares issuable pursuant to the Acquisition Agreement shall be issued to Storming Dragon. Prior to the Exchange Agreement, the Company’s current President and Chief Executive Officer, Mr. Fu, was a 51% owner of Storming Dragon. Upon closing of the Exchange Agreement, Storming Dragon shall be owned as follows: 7.36% by Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership), 13.49% by Shenzhen Guangfeng High Performance Wood Products Co Limited, 28.14% by Li Jiyong, and 51% by Mr. Raymond Fu. Mr. Fu is currently and shall continue serving and as the sole director and controlling shareholder of Storming Dragon.

 

The foregoing description of the Acquisition Agreement and Exchange Agreement is not complete and is qualified in its entirety by reference to the full text of the Acquisition Agreement and Exchange Agreement, which are filed as Exhibit 2.1 and 2.2 to this Current Report on Form 8-K and is incorporated herein by reference

 

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

 

2.1	Acquisition Agreement, dated September 30, 2024
2.2	Equity Exchange Agreement, dated September 30, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

October 15, 2024

 

	Kuber Resources Corporation
	/s/ Raymond Fu
By:	Raymond Fu
Title:	Director

 

 

-3-

 

 

Exhibit 2.1

 

Acquisition Agreement for Gongfa Materials

 

This Acquisition Agreement ("Agreement") is made and entered into on 30 September 2024 by and between:

 

本收购协议（"协议"）于 2024 年 9 月 30 日由以下各方签订：

 

1. Kuber Resources (Guangdong) Co., Limited, a company incorporated under the laws of Guangdong, China ("Buyer");

 

1. 木头链（广东）资源科技有限公司，根据中国广东省法律成立的公司（"买方"）；

 

2. Gongfa Materials Co., Limited, a company incorporated under the laws of Guangdong, China ("Target");

 

2. 恭发材（广东）新材料科技有限公司，根据中国广东省法律成立的公司（"标的公司"）；

 

3. Storming Dragon Limited, a BVI company and majority shareholder of Kuber Resources Corporation ("Parent Company");

 

3. Storming Dragon，一家英属维尔京群岛公司，Kuber Resources Corporation 的主要股东 （"母公司"）；

 

4. Kuber Resources Corporation, a company incorporated in the USA and listed on the OTC Markets ("Issuer").

 

4. Kuber Resources Corporation ，一家在美国注册并在OTC 市场上市的公司（"发行人

"）。

 

 

1. Definitions (定义)

1.1 "Valuation Report" means the valuation report to be provided by Gongfa Materials, finalized within 14 to 45 days from the execution of this Agreement.

 

1.1 "估值报告"是指由恭发材（广东）新材料科技有限公司提供的估值报告，应在本协议

签订后的 14 至 45 天内完成。

 

1.2 "Share Issuance" means the issuance of shares by Kuber Resources Corporation to Storming Dragon in consideration for the acquisition of Gongfa Materials.

 

1.2 "股票发行"是指Kuber Resources Corporation 为收购恭发材（广东）新材料科技有限公司向Storming Dragon 发行的股票。

 

 

2. Acquisition Terms (收购条款)

2.1 Gongfa Materials agrees to transfer 100% of its equity to Kuber Resources (Guangdong) Co., Limited, subject to the terms and conditions of this Agreement.

 

2.1 恭发材（广东）新材料科技有限公司同意根据本协议的条款和条件，将其 100%的股权转让给木头链（广东）资源科技有限公司。

 

2.2 Kuber Resources Corporation agrees to issue shares equivalent to USD 130 million to Storming Dragon, subject to the final valuation report and an agreed-upon price per share of USD 4.8.

 

2.2 Kuber Resources Corporation 同意根据最终的估值报告并按照每股 4.8 美元的价格，向Storming Dragon 发行相当于 1.3 亿美元的股票。

 

2.3 The parties acknowledge that the final number of shares to be issued will depend on the valuation report to be delivered within 30 days.

 

2.3 各方确认，最终发行的股票数量将取决于将在 30 天内提交的估值报告。

 

2.4 There may be a cash component in lieu of shares issued by Kuber Resources Corporation from Kuber Resources (Guangdong) Co., Limited to Gongfa Materials Co., Limited. This amount will be discounted from the total issued shares to Storming Dragon and as agreed by the parties.

 

2.4 木头链（广东）资源科技有限公司可能会以现金部分代替木头链（广东）资源科技有限公司向恭发材（广东）新材料科技有限公司发行的股份。该金额将从飞龙公司已发行股份总数中折现并经双方同意。

 

 

3. Valuation and Payment Structure (估值和付款结构)

3.1 The valuation report for Gongfa Materials shall be completed within 14 to 45 days of the signing of this Agreement.

 

3.1 恭发材（广东）新材料科技有限公司的估值报告应在本协议签署后的 14 至 45 天内完成。

 

3.2 Share issuance will occur no less than 45 days after the finalization of the valuation report.

 

3.2 股票发行应在估值报告最终确定后不少于 45 天内完成。

 

3.3 If the parties disagree on the valuation, they shall negotiate in good faith to arrive at a mutually agreeable value. In the event of failure to agree, a third-party valuation may be sought.

 

3.3 如果各方对估值有异议，应本着诚信原则进行协商，达成双方同意的价值。如协商未果，可寻求第三方估值。

 

 

4. Conditions Precedent (先决条件)

4.1 This Agreement is subject to pre-approval by the respective boards of Kuber Resources Corporation, Storming Dragon, and Gongfa Materials.

 

4.1 本协议需获得Kuber Resources Corporation 、Storming Dragon 和恭发材（广东）新材料科技有限公司董事会的事先批准。

 

4.2 If pre-approval is not obtained by the execution date, such approval shall be sought as soon as possible thereafter.

 

4.2 如果在执行日期前未获得批准，则应尽快寻求批准。

 

 

5. Corporate Governance (公司治理)

5.1 The parties agree that all necessary approvals and regulatory filings (including SEC 8-K filings) will be completed in a timely manner.

 

5.1 各方同意，所有必要的批准和监管备案（包括 SEC 8-K 备案）应及时完成。

 

 

6. Non-Compete and Non-Solicitation (竞业禁止及非招揽条款)

6.1 Shareholders and key management of Gongfa Materials agree to a non-compete for two years post-acquisition.

 

6.1 恭发材（广东）新材料科技有限公司的股东和关键管理人员同意在收购后两年内不进行竞争。

 

 

7. Dispute Resolution (争议解决)

7.1 The governing law for this Agreement is Hong Kong law.

 

7.1 本协议的适用法律为香港法律。

 

7.2 All disputes arising from or related to this Agreement will be resolved through arbitration before the courts of Hong Kong.

 

7.2 本协议引起或与本协议相关的所有争议均通过香港法院仲裁解决。

 

 

8. Representations and Warranties (陈述与保证)

8.1 Gongfa Materials represents that its financial statements are accurate and complete, and no undisclosed liabilities exist.

 

8.1 恭发材（广东）新材料科技有限公司保证其财务报表准确完整，且不存在未披露的负债。

 

 

General Clause (一般条款)

The English version of this Agreement shall take precedence. The Chinese translation is for reference only.

 

本协议的英文版本为优先版本，中文翻译仅供参考。

 

 

Signatures (签字)

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

本协议的各方已于上述日期签署本协议。

 

 

 

 

 

/s
For Kuber Resources (Guangdong) Co., Limited
代表木头链（广东）资源科技有限公司

 

 

 

 

 

/s
For Gongfa Materials Co., Limited
恭发材（广东）新材料科技有限公司

 

 

/s
For Storming Dragon Limited
代表Storming Dragon Limited

 

 

 

 

 

/s
For Kuber Resources Corporation
代表Kuber Resources Corporation

 

 

 

 

 

 

 

Exhibit 2.2

 

Equity Exchange Agreement Between Storming Dragon Limited and Gongfa Materials Shareholders

 

This Equity Exchange Agreement ("Agreement") is made on 30 September 2024 by and between:

 

本股权交换协议（"协议"）于 2024 年 9 月 30 日由以下各方签订：

 

1. Storming Dragon Limited, a BVI Company ("Storming Dragon");

 

1. Storming Dragon Limited，一家英属维尔京群岛公司（"Storming Dragon"）；

 

2. Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership) ("Shareholder 1");

 

2. 深圳市丰用建筑材料供应链合伙企业（有限合伙）（"股东 1"）；

 

3. Shenzhen Guangfeng High Performance Wood Products Co Ltd ("Shareholder 2");

 

3. 深圳市广丰高性能木制品科技有限公司（"股东 2"）；

 

4. Li Jiyong ("Shareholder 3").

 

4. 李纪用（"股东 3"）。

 

 

1. Definitions (定义)

1.1 "Shares" means the shares in Gongfa Materials to be exchanged under this Agreement.

 

1.1 "股份"是指根据本协议交换的恭发材（广东）新材料科技有限公司股份。

 

1.2 "Consideration" means the shares in Storming Dragon Limited to be issued to the Shareholders in exchange for their shares in Gongfa Materials.

 

1.2 "对价"是指向股东发行的Storming Dragon 股份，以换取其在恭发材（广东）新材料科技有限公司的股份。

 

 

2. Equity Exchange Terms (股权交换条款)

2.1 The Shareholders hereby agree to transfer all their shares in Gongfa Materials to Storming Dragon in exchange for shares in Storming Dragon as follows:

 

 

2.1 股东同意将其在恭发材（广东）新材料科技有限公司的全部股份转让给Storming Dragon，以换取Storming Dragon 的股份，具体分配如下：

 

a. Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership) - 61%

 

a. 深圳市丰用建筑材料供应链合伙企业（有限合伙） - 61%

 

b. Shenzhen Guangfeng High Performance Wood Products Co Ltd - 20%

 

b. 深圳市广丰高性能木制品科技有限公司- 20%

 

c. Li Jiyong - 19%.

 

c. 李纪用- 19%。

 

 

3. Consideration and Payment (对价及付款)

3.1 In exchange for the shares in Gongfa Materials, the Shareholders shall receive shares in Storming Dragon equivalent to their ownership percentages in Gongfa Materials.

 

3.1 作为对恭发材（广东）新材料科技有限公司股份的交换，股东将获得Storming Dragon

在kuber 的股份，相当于其在恭发材（广东）新材料科技有限公司中的所有权比例。

 

3.2 The value of the shares to be issued shall be based on the final valuation of Gongfa Materials.

 

3.2 所发行股份的价值应根据恭发材（广东）新材料科技有限公司的最终估值确定。

 

 

3.3 Attached is a table of shares that the Shareholders shall approximately receive in Storming Dragon (being the equivalent of Kuber Resources Corporation shares) pre and post exchange. A summary of the approximate percentage of shares that the Shareholders will hold ultimately in Storming Dragon is as below:

 

 

 

附上股东在交换前后将获得的飞龙股份（相当于库伯资源公司股份）表。股东最终持有飞龙股份的大致比例汇总如下：

 

 

Shareholder 1-Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership) -7.36%

 

  

股东 1 –深圳市丰用建筑材料供应链合伙企业（有限合伙） -7.36%

 

Shareholder 2-Shenzhen Guangfeng High Performance Wood Products Co Ltd-13.49%

 

股东 2 –深圳市广丰高性能木制品科技有限公司- 13.49%

 

Shareholder 3 -Li Jiyong-28.14%

 

股东 3–李纪用- 28.14%

 

 

4. Representations and Warranties (陈述与保证)

4.1 Each Party represents and warrants that it has full authority to enter into this Agreement and perform its obligations hereunder.

 

4.1 各方陈述并保证，其有权签订本协议并履行其在本协议项下的义务。

 

4.2 The Shareholders represent that they are the legal and beneficial owners of the shares in Gongfa Materials, free from any liens or encumbrances.

 

4.2 股东陈述其是恭发材（广东）新材料科技有限公司股份的合法及实益拥有人，且不存在任何留置权或其他负担。

 

 

5. Governing Law and Dispute Resolution (适用法律及争议解决)

5.1 This Agreement shall be governed by the laws of Hong Kong.

 

5.1 本协议应受香港法律管辖。

 

5.2 Any disputes arising from or in connection with this Agreement shall be resolved through arbitration before the courts of Hong Kong.

 

5.2 因本协议引起或与本协议相关的任何争议均应通过香港法院仲裁解决。

 

 

Signatures (签字)

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

 

本协议的各方已于上述日期签署本协议。

 

/s
For Storming Dragon Limited
代表Storming Dragon Limited

 

 

 

 

 

/s
For Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership)
代表深圳市丰用建筑材料供应链合伙企业（有限合伙）

 

 

 

 

 

/s
For Shenzhen Guangfeng High Performance Wood Products Co Ltd
代表深圳市广丰高性能木制品科技有限公司

 

 

 

 

 

/s
For Li Jiyong
代表李纪用

 

 

Total share capital of Kuber before issuance: 132,612,342 shares

Storming Dragon holds 81,153,948 Kuber shares, accounting for 61.196%

Among them, Storming Dragon’s shareholders indirectly or directly hold the following shares:

name	Shareholding ratio	Number of shares held
RAYMOND FU	31.21%	41,388,513 shares
Shenzhen Guangfeng High Performance Wood Products Co Ltd	9%	11,929,631 shares
Li Jiyong	20.99%	27,835,804 shares

 

After issuance, the total share capital of Kuber is 159,134,810 shares

The number of shares issued this time is 26,522,468, accounting for 20% of the total shares

The newly issued shares are as follows:

name	Shareholding ratio	Number of shares held
RAYMOND FU	8.5%	13,526,459 shares
Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership)	4.98%	7,927,566 shares
Shenzhen Guangfeng High Performance Wood Products Co Ltd	1.63%	2,599,202 shares
Li Jiyong	1.55%	2,469,241 shares

 

After issuance, the total share capital of Kuber is 159,134,810 shares

Storming Dragon holds 107,676,416 shares, accounting for 67.66% of the total shares

After the issuance, Storming Dragon’s shareholders indirectly or directly hold the following shares:

name	Shareholding ratio	Number of shares held
RAYMOND FU	34.51%	54,914,972 shares
Shenzhen Fengyong Building Materials Supply Chain Partnership Enterprise (Limited Partnership)	4.98%	7,927,566 shares
Shenzhen Guangfeng High Performance Wood Products Co Ltd	9.13%	14,528,833 shares
Li Jiyong	19.04%	30,305,045 shares

 

 

 

/s/ Raymond Fu
Kuber Resources Corporation CEO

 

 

 

 

 

 

v3.24.3

Cover	Sep. 30, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Entity File Number	000-26119
Entity Registrant Name	Kuber Resources Corporation
Entity Central Index Key	0001081834
Entity Tax Identification Number	87-0629754
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	1113, Tower 2, Lippo Centre
Entity Address, Address Line Two	89 Queensway
Entity Address, City or Town	Admiralty
Entity Address, Country	HK
Entity Address, Postal Zip Code	000-000
City Area Code	+852
Local Phone Number	3703 6155
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false

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