SouthGobi Resources Ltd. announces implementation progress of its resumption plan and business update. Reference is made to the announcements of the Company dated November 16, 2020 and December 8, 2020 (the “Announcements”). Unless otherwise defined herein, terms used in this announcement shall have the same meanings as those defined in the Announcements.
As stated in the Announcements of the Company, the Hong Kong Stock Exchange has set out the Resumption Guidance for the Company as below:
RESUMPTION PLAN AND PROGRESS OF IMPLEMENTATION
The Company has been taking active steps to address and comply with the requirements set out in the Resumption Guidance. The implementation status of the resumption plan is as outlined below:
|Key items||Status/ Expected timetable|
|2019 Audited Annual Results||Completed and issued on November 26, 2020|
|2019 Annual Report||Completed and dispatched on December 9, 2020|
|2020 Q1 Financial Results||Completed and issued on December 17, 2020|
|2020 Q2 Financial Results||Completed and issued on December 23, 2020|
|2020 Q3 Financial Results||Completed and issued on January 4, 2021|
|Revocation of Cease Trade Order||The Company filed an application for a full revocation of the CTO with the relevant Canadian securities regulatory authorities on January 4, 2021. The Company expects to receive the Canadian securities regulatory authorities’ decision to revoke the CTO on or before February 11, 2021 (Canada time)|
|TSX Delisting Review Hearing||The TSX Continued Listing Committee has scheduled a meeting on February 11, 2021 to consider whether or not to delist the Company’s securities on the TSX. The Company expects to receive the TSX’s delisting decision on or before February 16, 2021 (Canada time)|
|Application for HKEX trading resumption||The Company will submit an application to HKEX upon the revocation of the CTO and completion of the TSX Delisting Review process.|
The Company produced approximately 0.9 million tonne of coal in the fourth quarter of 2020, representing a 71% increase from the third quarter of 2020. The Company sold approximately 0.9 million tonne of coal in the fourth quarter of 2020, which is similar to the sales volume for the third quarter of 2020.
CONTINUED SUSPENSION OF TRADING
Trading in the common shares of the Company on the Toronto Stock Exchange and the Hong Kong Stock Exchange has been suspended since June 19, 2020 and August 17, 2020 respectively and will remain suspended until further notice.
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.
|Office:||+852 2156 1438 (Hong Kong)|
|+1 604 762 6783 (Canada)|