HONG KONG, CHINA, Nov 01, 2015 (Marketwired via COMTEX) —
SouthGobi Resources Ltd. (SGQ)(1878) (the “Company” or
“SouthGobi”) today announces the extension to the Toronto Stock
Exchange (the “TSX”) delisting review until November 23, 2015.
As announced by the Company on October 5, 2015, the Continued Listing
Committee of TSX (the “Committee”) would make a decision regarding
the Company’s listing status and whether the Company has met the
listing requirements of the TSX by October 28, 2015. On October 30,
2015, the Committee has notified the Company of its decision to
extend the delisting review until November 23, 2015.
Financing initiatives
Short-term Bridge Loan – The Company executed a US$10 million bridge
loan agreement with an Asian based private equity fund and drew down
$6.3 million on October 30, 2015. The Company expects to draw down
the remaining $3.7 million by mid-November 2015.
Turquoise Hill Payment Deferral – The Company and Turquoise Hill
Resources Ltd. (“Turquoise Hill”) entered into a deferral agreement
on October 27, 2015, in which Turquoise Hill agreed to defer the
repayment of the shareholder loan and other payables to April 22,
2016 (“Limited Deferral Date”) and the Limited Deferral Date shall be
extended to October 24, 2016 subject to completion of a potential
share sales transaction by Turquoise Hill.
Third quarter 2015 financial results announcement date
The board of directors of the Company will meet on November 12, 2015
to consider and approve the third quarter 2015 financial results of
the Company and its subsidiaries. These financial results will be
released on November 12, 2015.
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 any 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: SouthGobi Resources Ltd. Investor Relations Kino Fu Office: +852 2156 7030 kino.fu@southgobi.com www.southgobi.com
SOURCE: SouthGobi Resources Limited
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