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SouthGobi Resources Announces $10 Million Shareholder Loan Facility With Turquoise Hill Resources
May. 26, 2014 09:33AM PST
Industrial MetalsSouthGobi Resources Ltd. (TSX:SGQ,HK:1878)
announced that Turquoise Hill Resources Ltd. (TSX:TRQ), majority shareholder for SouthGobi, plans to support the
company through a $10 million revolving credit facility to SouthGobi for the purpose of meeting its short term working capital requirements
SouthGobi Resources Ltd. (TSX:SGQ,HK:1878)announced that Turquoise Hill Resources Ltd. (TSX:TRQ), majority shareholder for SouthGobi, plans to support the company through a $10 million revolving credit facility to SouthGobi for the purpose of meeting its short term working capital requirements.
As quoted in the press release:
Advances made under the facility will be used by the Company to fund operations and meet its ongoing obligations and future contractual commitments.As Turquoise Hill owns approximately 56% of the Company’s outstanding common shares, its agreement to provide the facility is a related party transaction under applicable Canadian securities laws. The facility is exempt from the formal valuation and minority approval provisions of such laws
Click here to read the SouthGobi Resources Ltd (TSXV:SGQ) press release