Completion of Land Breeze Sale Transaction

Completion of Land Breeze Sale Transaction

SouthGobi Resources Ltd. (TSX:SGQ, HK:1878) ("SouthGobi" or the "Company") announces the completion of Land Breeze Sale Transaction. Reference is made to the announcement of the Company dated May 27, 2022 (the "Announcement") in relation to the Sale Transaction. Unless otherwise specified, terms used in this announcement shall have the meaning as defined in the Announcement

The Company announces that, as disclosed in the press releases issued by Land Breeze and JD Zhixing Fund L.P. ("JDZF") respectively on August 30, 2022, the Sale Transaction was successfully completed on August 30, 2022. To the best of the Company's knowledge and information, as of a result the completion of the Sale Transaction, JDZF has become the Company's largest shareholder, holding a total of 64,766,591 common shares of the Company which represents approximately 23.6% of the issued share capital of the Company as at the date of this announcement, and also the registered holder of the Company's US$250 million Convertible Debenture.

In connection with the Sale Transaction, Land Breeze and Fullbloom, an affiliate of Land Breeze, have assigned to JDZF all of Land Breeze's and Fullbloom's respective rights in and obligations under: (i) the Convertible Debenture and related security documents; (ii) the Cooperation Agreement and related documents; (iii) the deferral agreements between Land Breeze, the Company and certain of its subsidiaries in connection with the deferral of interest payments and other outstanding fees under the Convertible Debenture and the Cooperation Agreement; and (iv) the security holders agreement between the Company, Land Breeze and a former shareholder of the Company.

About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi region of 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

SOURCE: SouthGobi Resources Ltd.



View source version on accesswire.com:
https://www.accesswire.com/714122/Completion-of-Land-Breeze-Sale-Transaction

News Provided by ACCESSWIRE via QuoteMedia

SGQ:CA
The Conversation (0)
Change Of Non-Executive Directors; Resignation of Executive Director; Change of Composition of Board Committee; And Change of Authorized Representative

Change Of Non-Executive Directors; Resignation of Executive Director; Change of Composition of Board Committee; And Change of Authorized Representative

SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that is pleased to announce the following changes in the composition of the Company's board (the "Board") of directors (the "Director(s)"), with effect from December 6, 2022: (i) Mr. Zhiwei Chen ("Mr. Chen") and Ms. Ka Lee Ku ("Ms. Ku") have resigned as non-executive Directors; (ii) Mr. Zhu Gao ("Mr. Gao"), Mr. Gang Li ("Mr. Li") and Mr. Chen Shen ("Mr. Shen") have been appointed as non-executive Directors; (iii) Mr. Dalanguerban ("Mr. Dalanguerban") has resigned as an executive Director and the authorized representative of the Company (the "Authorized Representative") under Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the "Hong Kong Listing Rules") and ceased to be a member of the operations committee of the Board (the "Operations Committee"), but will continue to serve as the President of the Company and its wholly-owned subsidiary in Mongolia; and (iv) Mr. Dong Wang ("Mr. Wang"), the executive Director and Chief Executive Officer of the Company, has been appointed as the Authorized Representative

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Novel Sunrise Completes Sale of Its Interest in SouthGobi

Novel Sunrise Completes Sale of Its Interest in SouthGobi

SouthGobi Resources Ltd. (TSX:SGQ, HK:1878) ("SouthGobi" or the "Company") announces that, as disclosed in the early warning report filed by China Cinda (HK) Asset Management Co., Limited ("CCAM") on November 28, 2022 in Canada, Novel Sunrise Investments Ltd. ("Novel Sunrise"), a wholly-owned subsidiary of CCAM, completed the sale of all of its interests in the Company (the "Sale Transaction"), including its 46,358,978 common shares of the Company, to Land Grand International Holding Limited (the "Buyer"). To the best of the Company's knowledge, as a result of the completion of the Sale Transaction, the Buyer has become the Company's second largest shareholder holding a total of 46,358,978 common shares of the Company which represents approximately 15.70% of the issued share capital of the Company as at the date of this announcement

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Update On Listing Application in Canada

Update On Listing Application in Canada

SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that reference is made to the Company's announcements dated April 21, 2022, July 29, 2022 and September 15, 2022 (Hong Kong time) ("Announcements"). Unless otherwise specified, capitalized terms used in the Announcements shall have the same meanings when used herein

UPDATE ON EFFECTIVE DATE OF THE DELISTING

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
SouthGobi Announces Third Quarter 2022 Financial and Operating Results

SouthGobi Announces Third Quarter 2022 Financial and Operating Results

SouthGobi Resources Ltd. (Toronto Stock Exchange (TSX:SGQ)(Hong Kong Stock Exchange:HKEX): 1878) (the "Company" or "SouthGobi") today announces its financial and operating results for the three and nine months ended September 30, 2022. All figures are in U.S. dollars ("USD") unless otherwise stated

Significant Events and Highlights

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Deferral of Payment Obligation Under Convertible Debenture

Deferral of Payment Obligation Under Convertible Debenture

SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") announces that reference is made to the announcement of the Company dated August 31, 2022 (the "Announcement") in relation to a private sale transaction among JD Zhixing Fund L.P. ("JDZF"), Land Breeze and Fullbloom (the "Sale Transaction") on August 30, 2022. Unless otherwise specified, terms used in this announcement shall have the meaning as defined in the Announcement

Upon the completion of the Sale Transaction, JDZF became the registered holder of the Company's US$250 million Convertible Debenture issued on November 19, 2009 (the "Convertible Debenture"). The rights and obligations under (i) the Convertible Debenture and related security documents; (ii) the Cooperation Agreement and related documents; (iii) the deferral agreements between Land Breeze, the Company and certain of its subsidiaries in connection with the deferral of interest payments and other outstanding fees under the Convertible Debenture and the Cooperation Agreement; and (iv) the security holders agreement between the Company, Land Breeze and a former shareholder of the Company, were assigned to JDZF effective as of August 30, 2022.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Australian flag patch on a mine site.

Western Australian METS Companies Awarded AU$1.25 Million in Funding

The Minerals Research Institute of Western Australia (MRIWA) said on Wednesday (October 30) that it is awarding five companies with research funding through its Mining Equipment, Technology and Services (METS) Innovation Program.

The funding totals AU$1.25 million, with Aquirian (ASX:AQN), Total Marine Technology, Big Roller Overland Conveyor Company, Electric Power Conversions Australia and CMG Operations receiving AU$250,000 each.

The WA government said it prioritizes “projects that will directly accelerate the development of companies, products and new markets benefiting the Western Australian economy” for the METS Innovation Program.

Aquirian, the only publicly listed company receiving the grant, will allocate the funding for developing automation for its existing Collar Keeper system. This would allow the driller to stay inside the cab, reducing personnel risk in drilling.

Keep reading...Show less
Ronin Resources

Ronin Resources Applies for Gold-Silver Project in San Juan, Argentina

Ronin Resources Ltd (ASX: RON) (Ronin or the Company) is pleased to advise that it has submitted mineral exploration applications over 23,637 hectares (236.37 km2) prospective for gold-silver mineralisation in the San Juan Province of Argentina. The La Punilla Gold-Silver Project is accessible from the San Juan town of Rodeo, via the same road intended to access BHP and Lundin Mining’s Filo de Sol and Josemaría projects.

Keep reading...Show less
Provaris

Provaris Energy Quarterly Activities Report

Provaris Energy Ltd (ASX: PV1, Provaris, the Company) is pleased to provide the following summary of the Company’s development activities for the quarter that ended 30 September 2024.

Keep reading...Show less
Basin Energy

Quarterly Activities Report for the Period Ending 30 September 2024

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an overview of activities for the period ending 30 September 2024 (‘Quarter’, ‘Reporting Period’) and an accompanying Appendix 5B.

Keep reading...Show less
Basin Energy

Basin Energy to Acquire Scandinavian Uranium and Green Energy Metals Portfolio

Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to announce the signing of a binding agreement (the “Agreement”) to acquire an exploration portfolio located within Scandinavia (the “Projects”).

Keep reading...Show less
IMARC

Governments Double Down on Critical Minerals and Sustainability at IMARC 2024

Increasing the supply of critical minerals, advancing technological innovation, and strengthening sustainability and ESG commitments were central themes highlighted today by the Australian and NSW Governments at the International Mining and Resources Conference and Expo (IMARC).


Keep reading...Show less

Latest Press Releases

Related News

×