Turquoise Hill Announces Sale of Remaining Stake in SouthGobi Resources

Turquoise Hill Resources Ltd. (TSX:TRQ,NYSE:TRQ) announced that it is getting rid of its remaining stake in SouthGobi Resources Ltd. (TSX:SGQ), a Mongolia-focused coal miner.

As quoted in the press release:

Under the terms of the agreement, which was effected in accordance with and in reliance upon the ‘private agreement’ exemption under the Canadian takeover bid regime, Turquoise Hill has agreed to sell 48,705,155 common shares that it owns in the capital of SouthGobi to the Purchaser at a price of CDN$0. 35 per common share payable in cash. Half of the aggregate purchase price, representing approximately CDN $8.5 million, will be received by the Company at closing and the balance of approximately CDN $8.5 million will be payable on the first anniversary of the closing of the transaction.

Click here for the full Turquoise Hill Resources Ltd. (TSX:TRQ,NYSE:TRQ) press release