SouthGobi Announces Implementation Progress of Resumption Program and Enterprise Update

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VANCOUVER, British Columbia, Jan. 11, 2021 (World NEWSWIRE) — SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Enterprise”) announces implementation progress of its resumption strategy and business update. Reference is created to the bulletins of the Firm dated November 16, 2020 and December 8, 2020 (the “Announcements”). Unless or else defined herein, terms utilized in this announcement shall have the similar meanings as these described in the Bulletins.

RESUMPTION Assistance

As said in the Announcements of the Enterprise, the Hong Kong Inventory Exchange has established out the Resumption Steerage for the Corporation as underneath:

  • publish all exceptional monetary effects and deal with any audit modifications
  • advise the current market of all substance information for the Company’s shareholders and traders to appraise its place
  • announce quarterly updates on the Company’s developments underneath Policies 13.24A of the Listing Regulations, which includes, amongst other applicable issues, its company functions, its resumption plan and the development of implementation
  • resolve issues arising from the Cease Trade Get and/or the TSX Delisting Review, or acquire techniques to the fulfillment of the Hong Kong Inventory Exchange that the Business will be qualified for a principal listing on the Hong Kong Stock Trade and
  • reveal compliance with Rule 13.24 of the Hong Kong Listing Procedures.

RESUMPTION Plan AND Progress OF IMPLEMENTATION

The Company has been taking lively steps to deal with and comply with the prerequisites set out in the Resumption Advice. The implementation standing of the resumption approach is as outlined under:

Essential things Position/ Predicted timetable
2019 Audited Once-a-year Success Concluded and issued on November 26, 2020
2019 Annual Report Finished and dispatched on December 9, 2020
2020 Q1 Economic Effects Accomplished and issued on December 17, 2020
2020 Q2 Economical Results Accomplished and issued on December 23, 2020
2020 Q3 Fiscal Final results Concluded and issued on January 4, 2021
Revocation of Cease Trade Buy The Organization submitted an application for a full revocation of the CTO with the appropriate Canadian securities regulatory authorities on January 4, 2021. The Business expects to receive the Canadian securities regulatory authorities’ determination to revoke the CTO on or in advance of February 11, 2021 (Canada time)
TSX Delisting Evaluation Listening to The TSX Ongoing Listing Committee has scheduled a assembly on February 11, 2021 to contemplate irrespective of whether or not to delist the Company’s securities on the TSX. The Organization expects to acquire the TSX’s delisting decision on or right before February 16, 2021 (Canada time)
Application for HKEX buying and selling resumption The Organization will submit an application to HKEX on the revocation of the CTO and completion of the TSX Delisting Evaluate process.

Small business UPDATE

The Firm made close to .9 million tonne of coal in the fourth quarter of 2020, representing a 71% raise from the third quarter of 2020. The Firm sold somewhere around .9 million tonne of coal in the fourth quarter of 2020, which is equivalent to the income volume for the 3rd quarter of 2020.

Ongoing SUSPENSION OF Investing

Buying and selling in the popular shares of the Organization on the Toronto Stock Trade and the Hong Kong Inventory Exchange has been suspended since June 19, 2020 and August 17, 2020 respectively and will stay suspended until eventually additional observe.

About SouthGobi

SouthGobi, mentioned on the Toronto and Hong Kong inventory exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi creates and sells coal to clients in China.

Make contact with:

Trader Relations

Site: www.southgobi.com

Ahead-Wanting Statements

Sure facts integrated in this press release that is not present-day or historical factual data constitutes forward-hunting statements or facts within the meaning of applicable securities legal guidelines (collectively, “forward-searching statements”), such as data about the completion of the revocation of CTO, the TSX Delisting Assessment Hearing and the software of HKEX investing resumption. Forward-seeking statements are routinely characterised by text these kinds of as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “could”, “really should”, “find”, “likely”, “estimate” and other related terms or statements that specific situations or conditions “may” or “will” take place. Ahead-wanting statements are based mostly on particular components and assumptions together with, among other items, the completion of the revocation of CTO, the TSX Delisting Assessment Hearing and the application of HKEX trading resumption and other comparable components that could lead to precise effects to vary materially from what the Enterprise at the moment expects. Actual success might change from the forward-seeking statements. Visitors are cautioned not to put undue great importance on forward-hunting statements, which speaks only as of the day of this disclosure, and not to rely on this information as of any other date. Although the Company may possibly elect to, it is below no obligation and does not undertake to, update or revise any ahead-looking statements, no matter whether as a final result of new info, further situations or or else at any distinct time, other than as needed by legislation. More details regarding elements that may possibly result in real outcomes to materially vary from these in these ahead-searching statements is contained in the Company’s filings with Canadian securities regulatory authorities and the web-site of the Hong Kong regulatory filings and disclosures of shown issuer facts. These can be located less than the Company’s profile on SEDAR and HKEXnews respectively, at www.sedar.com and www.hkexnews.hk.

Supply: SouthGobi Resources Ltd