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SouthGobi Announces Implementation Progress of Resumption Plan and Business Update


SouthGobi Announces

iCrowdNewswire   Jan 12, 2021  11:42 AM ET

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.

RESUMPTION GUIDANCE

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.

BUSINESS UPDATE

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.

About SouthGobi

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.

Contact:

Investor Relations

Office: +852 2156 1438 (Hong Kong)
  +1 604 762 6783 (Canada)
Email: info@southgobi.com

Website: www.southgobi.com



Contact Information:

www.southgobi.com








Tags:    Wire, Disclosure Newswire, United States, English