SouthGobi Announces Appointment Of Executive Directors; Change Of Composition Of Board Committee; Changes In Senior Management

SouthGobi Announces Appointment Of Executive Directors; Change Of Composition Of Board Committee; Changes In Senior Management

SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) ("SouthGobi" or the "Company") Reference is made to the announcement of SouthGobi Resources Ltd. ("SouthGobi" or the "Company") dated August 31, 2022 (the "Announcement") in relation to the resignation of certain non-executive Directors. Unless otherwise defined herein, capitalized terms used in this announcement shall have the same respective meanings as defined in the Announcement

The Company is pleased to announce that, effective from September 8, 2022, (i) Mr. Dong Wang ("Mr. Wang") has been appointed as an executive Director and the Chief Executive Officer ("CEO") of the Company and member of the Operations Committee; (ii) Ms. Chonglin Zhu ("Ms. Zhu") has been appointed as an executive Director and the Company's Senior Vice President of Finance; (iii) Mr. Dalanguerban ("Mr. Dalanguerban") has been appointed as the Company's President and will continue to service as an executive Director of the Company, and President and executive Director of a Company's wholly-owned subsidiary in Mongolia; and (iv) Mr. Alan Ho ("Mr. Ho") has been appointed as Chief Financial Officer (previously, the acting Chief Financial Officer).

APPOINTMENT OF EXECUTIVE DIRECTORS

Mr. Wang and Ms. Zhu were nominated for appointment as Directors of the Company by JD Zhixing Fund LP ("JDZF") pursuant to contractual nomination rights contained in the securityholders agreement between the Company, JDZF and a former shareholder of the Company and certain deferral agreements between JDZF, the Company and certain of its subsidiaries relating to the Company's US$250 million convertible debenture held by JDZF (as disclosed in the announcement of the Company dated May 27, 2022 and the Management Proxy Circular of the Company dated June 29, 2022). The Company has appointed the aforementioned two Director nominees to the Board as permitted under the Company's Articles of Continuation ("Articles") and the Business Corporations Act (British Columbia).

The biographical details of Mr. Wang and Ms. Zhu are as follows:

Mr. Dong Wang, aged 49, has served as the General Manager of Inner Mongolia Dongfang Guoxin Technology Co. Ltd.* (内蒙古东方国信科技有限公司) ("Dongfang Guoxin") since 2019. He is responsible for the operations management of Dongfang Guoxin, which provides services to energy and mining companies in chemistry management, safety and equipment management, and energy conservation management. Prior to joining Dongfang Guoxin, Mr. Wang served as the Chairman of Guangzhou Guide Investment Co. Ltd.* (广州贵德投资有限公司) from 2015 to 2019, responsible for investment and financing in government infrastructure projects. Mr. Wang has over 20 years of experience in investment and management in the energy and resources industry.

Mr. Wang obtained a bachelor degree in industrial electrical engineering and automation at Liaoning Technical University (the former Fuxin Institute of Mining) in 1997 and a master degree in finance management at The University of Chinese Academy of Sciences in 2011. He is a member of the Canadian Institute of Corporate Directors.

Ms. Chonglin Zhu, aged 36, has served as the Chief Financial Officer of Inner Mongolia Tianyu Innovation Investment Group Co., Ltd.* (内蒙古天宇创新投资集团有限公司) ("Tianyu Group") since 2015. Tianyu Group is an investment company based in Inner Mongolia, China with a variety of businesses including coal mining and processing. Ms. Zhu is responsible for managing the financial operations and investments of Tianyu Group. She joined Tianyu Group in 2011 and served as a business manager in the finance department of Tianyu Group between 2012 and 2015. Prior to joining Tianyu Group, she served as a translator with an automotive company in China.

Ms. Zhu studied Japanese language and literature at Guangdong University of Foreign Studies in 2009 and obtained a bachelor degree in accounting at Harbin University of Science and Technology in 2016. She is a member of the Canadian Institute of Corporate Directors.

As at the date of this announcement, save as disclosed above, neither Mr. Wang nor Ms. Zhu (i) hold any directorships in other public companies, the securities of which are listed on any securities market in Hong Kong or overseas, over the last three years preceding the date of this announcement or other major appointments and professional qualifications; (ii) hold any other position with any member of the Group and has not previously held any other position with any member of the Group; (iii) have any interest in the shares, underlying shares or debentures of the Company or any of its associated corporations within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and (iv) have any relationship with any Directors, senior management, or substantial or controlling shareholders of the Company.

There is no specific term or proposed length of service for Mr. Wang or Ms. Zhu as executive Directors. Both Mr. Wang and Ms. Zhu will be subject to re-election at the annual general meeting of the Company in accordance with the Articles. Consistent with the Company's executive compensation program, the remuneration for Mr. Wang and Ms. Zhu will be determined by the Board based on the recommendation of the Compensation and Benefits Committee of the Board, which is comprised of the independent non-executive Directors.

Saved as disclosed above, there is no other information relating to the appointment of Mr. Wang and Ms. Zhu that is required to be disclosed pursuant to Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange nor any matters that need to be brought to the attention of the shareholders of the Company ("Shareholders").

The Board would like to take this opportunity to welcome Mr. Wang and Ms. Zhu to the Board.

CHANGE IN COMPOSITION OF BOARD COMMITTEE

The Board is pleased to announce that, with effect from September 8, 2022, Mr. Wang has also been appointed to the Operations Committee to fill the vacancy for the position of Operations Committee member following Mr. Ben Niu's resignation.

CHANGE OF CHIEF EXECUTIVE OFFICER

The Board announces that Mr. Dalanguerban, an executive Director has resigned as Chief Executive Officer, and has been appointed as the Company's President with effect from September 8, 2022 in order to focus more on the strategic direction and management of the Company as an executive Director. Mr. Dalanguerban confirmed that he has no disagreement with the Board or the senior management of the Company, and there is no matter relating to his ceasing to act as the Chief Executive Officer that needs to be brought to the attention of the Shareholders. Following Mr. Dalanguerban's resignation as the Chief Executive Officer, Mr. Wang has been appointed as the Chief Executive Officer with effect from September 8, 2022.

APPOINTMENT OF CHIEF FINANCIAL OFFICER AND SENIOR VICE PRESIDENT OF FINANCE

The Board announces that: (i) Mr. Ho has been appointed as Chief Financial Officer (formerly, the acting Chief Financial Officer); and (ii) Ms. Zhu has been appointed as the Senior Vice President of Finance; in each case with effect from September 8, 2022.

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/715176/SouthGobi-Announces-Appointment-Of-Executive-Directors-Change-Of-Composition-Of-Board-Committee-Changes-In-Senior-Management

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
Cyprium Metals

Nifty PFS Confirms $1,12Cm Pre-Tax NPV and 7C7kt Ore Reserve

Cyprium Metals Limited (ASX: CYM, OTC: CYPMF) is pleased to present the Prefeasibility Study (“PFS”) for the Nifty Copper Complex. The PFS confirms the economic viability of large-scale production of copper in concentrate (“Concentrate Project”) through the refurbishment and expansion of Nifty’s brownfield concentrator and accompanying new surface mine. The PFS also confirms economics of producing copper cathode by re-treating Nifty’s Heap Leach Pads 1-6 (“Initial Cathode Project”) which is a subset of oxide opportunities. This PFS supports the first Ore Reserve Estimate (“ORE”) to be published on the Concentrate Project and Initial Cathode Project (collectively referred to as the “Projects”).

Keep reading...Show less
  Desoto Resources Limited

First Drilling Approvals Received Under New Northern Territory Licensing Process

DeSoto Resources Limited (ASX:DES or ‘Company’) is pleased to announce that first drilling approvals have been received for its Northern Territory Exploration Licences. DeSoto is the first company to be granted drilling approvals under the Northern Territory’s new Environmental (Mining) Licence system which came into effect on the 1st July 2024.

Keep reading...Show less
Metro Mining Limited

Restructure of Nebari Senior Debt and Royalty De-risks Balance Sheet, Lowers Costs and Provides Flexibility

Metro Mining Limited (ASX: MMI) (Metro or the Company) announces that, after a competitive refinancing process, it has entered into a binding and definitive agreement with Nebari Natural Resources Credit Fund I, LP and Nebari Natural Resources Credit Fund II, LP (collectively, Nebari), for two additional tranches of financing for up to US$21.5 million (A$33M)1.

Keep reading...Show less
Black Canyon (ASX:BCA)

3km Strike of Outcropping Manganese Confirmed from Wandanya

Australian manganese explorer and developer, Black Canyon Limited (Black Canyon or the Company) (ASX: BCA) is pleased to announce results from detailed mapping and pXRF analysis of rock chip samples undertaken within the manganese corridors at the Wandanya Project. The results show the scale potential of the manganese mineralisation discovered at Wandanya and potential for significant high grade iron formations, which had not been previously drilled or mapped prior to Black Canyon prospecting the targets.

Keep reading...Show less
  Ausquest limited

Premium Magnetite Iron Product (>70% Fe) Confirmed Across Waterfall Prospect (WA)

Further to its previous ASX announcements (listed below), AusQuest Limited (ASX: AQD) is pleased to advise that it has successfully produced a premium iron product grading >70% Fe from DTR test work completed on samples from 14 of the 16 drill-holes at the Waterfall Prospect, part of its 100%-owned Morrisey Project in Western Australia’s Midwest mining district.

Keep reading...Show less
Apollo Minerals Limited

Exploration Update - Visible Gold Intersected at Salanie

Apollo Minerals Limited (ASX: AON) (‘Apollo Minerals’ or ‘the Company’) provides an update on its exploration activities at the Salanie Gold Project (“Salanie”) in Gabon and the Belgrade Copper Project in Serbia. The first round of drilling has now been completed at both projects. Visible gold has been intersected at the A1 Prospect at Salanie, an area that has not seen exploration or modern drilling in 70 years.

Keep reading...Show less

Latest Press Releases

Related News

×