Shareholders of Tongguan Gold Group (HKG:0340) will meet Oct. 31 to vote on the purchase of Wise Trend Investment by unit Grand Gallant Investments, a Thursday filing with the Hong Kong bourse said.

The target is being acquired from Jumbo China for up to HK$400 million, with the consideration to be settled through the issue of up to 800 million shares by the gold miner at HK$0.5 apiece.

Wise Trend Investment, through a project firm, holds 70% economic benefits of the licences authorizing Subei County Holezadegai Northeast Mining, another unit of Tongguan Gold, to conduct exploration activities at two gold mines in Gansu Province, China.

The parties first entered into an agreement regarding the purchase in March.