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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

In connection with the Sale Transaction, Novel Sunrise assigned to the Buyer certain rights in and obligations under the subscription agreement between the Company and Novel Sunrise dated February 24, 2015, including Novel Sunrise's right to nominate a certain number of individual(s) for appointment or election to the board of directors of the Company while its beneficial interests in the Company's issued and outstanding common shares exceed 10%.

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/729275/Novel-Sunrise-Completes-Sale-of-Its-Interest-in-SouthGobi

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SGQ:CA
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

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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.

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Arch Resources Logo (PRNewsfoto/Arch Resources, Inc.)

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Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/arch-resources-to-announce-fourth-quarter-2022-results-on-february-16-301736663.html

SOURCE Arch Resources, Inc.

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