HONG KONG, CHINA, Aug 30, 2015 (Marketwired via COMTEX) —
SouthGobi Resources Ltd. (SGQ)(1878) (“SouthGobi” or
the “Company”) today announces confirmation of the extension to the
Toronto Stock Exchange (the “TSX”) delisting review until September
30, 2015.
As announced by the Company on July 29, 2015, a meeting of the
Continued Listing Committee of TSX (the “Committee”) was scheduled on
August 25, 2015 and their decision was expected no later than August
28, 2015.
On August 28, 2015 the Company received confirmation from the
Committee that it will schedule a review meeting on September 28,
2015 and will defer its delisting decision as to whether the Company
has met the listing requirements of the TSX until September 30, 2015.
The Company believes the extension will provide sufficient time for
the implementation of the Proposed Funding Plan described in the
Management’s Discussion and Analysis (the “MDA”) issued on August
13, 2015, which will allow it to meet its short term financing needs,
and that it will be compliant with the continued listing requirements
of the TSX; however, no assurance can be provided that the Proposed
Funding Plan will be successfully implemented or to the outcome of
the remedial delisting review when it occurs and the Company’s Common
Shares may become subject to delisting from the TSX.
If, at any time, the TSX becomes aware of additional negative
developments such that the continued trading or listing of the
Company’s securities is contrary to the public interest, an expedited
review will be initiated.
For additional detail, please refer to the section “Liquidity and
Capital Resources” under the heading “TSX Financial Hardship
Exemption Application and Status of Listing on the TSX” in the MDA
issued on August 13, 2015 and available on SEDAR at www.sedar.com.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is
focused on exploration and development of its metallurgical and
thermal coal deposits in Mongolia’s South Gobi Region. It has a 100%
shareholding in SouthGobi Sands LLC, a Mongolian registered company
that holds the mining and exploration licences in Mongolia and
operates the flagship Ovoot Tolgoi coal mine. Ovoot Tolgoi produces
and sells coal to customers in China.
FORWARD-LOOKING STATEMENTS
Except for statements of fact relating to the Company, certain
information contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words such
as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate” and
other similar words, or statements that certain events or conditions
“may” or “will” occur. Forward-looking statements are based on the
opinions and estimates of management at the dates the statements are
made, and are subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the Company’s expectations of sufficient
liquidity and capital resources to meets its ongoing obligations and
future contractual commitments;, the outcome of TSX delisting review;
the ability to carry out the Funding Plan and other financing plans;
and other statements that are not historical facts. Except as
required by law, the Company undertakes no obligation to update
forward-looking statements if circumstances or management’s estimates
or opinions should change. The reader is cautioned not to place undue
reliance on forward-looking statements.
Contacts: Investor Relations Kino Fu +852 2156 7030 kino.fu@southgobi.com Media Relations Altanbagana Bayarsaikhan +976 70070710 altanbagana.bayarsaikhan@southgobi.com www.southgobi.com
SOURCE: SouthGobi Resources Limited
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