VANCOUVER, British Columbia, Sept. 03, 2020 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that reference is made to the announcements of the Company dated August 12, 2020 and August 17, 2020 in relation to the delay in publication of 2019 Audited Annual Results and despatch of the 2019 Annual Report, delay in publication of the Q1 and Q2 2020 Financial Results and trading suspension. Unless otherwise stated herein, capitalized terms used herein shall have the same meanings as that ascribed to them in these announcements.
RESUMPTION GUIDANCE
On September 2, 2020, the Company received a letter from the Hong Kong Stock Exchange setting out the following resumption guidance for the resumption of trading in the shares of the Company (the “Resumption Guidance”):
- Publish all outstanding financial results and address any audit modifications; and
- Inform the market of all material information for the Company’s shareholders and investors to appraise its position.
Under Rules 6.01A(1) of the Listing Rules, the Hong Kong Stock Exchange may cancel the listing of any securities that have been suspended from trading for a continuous period of 18 months. In the case of the Company, the 18-month period will expire on February 16, 2022. If the Company fails to remedy the issues causing its trading suspension, fully comply with the Listing Rules to the Hong Kong Stock Exchange’s satisfaction and resume trading in its shares on the Hong Kong Stock Exchange by February 16, 2022, the Listing Division will recommend the Listing Committee to proceed with the cancellation of the Company’s listing. Under Rules 6.01 and 6.10 of the Listing Rules, the Hong Kong Stock Exchange also has the right to impose a shorter specific remedial period, where appropriate.
The Company is required to announce quarterly updates on its developments under Rules 13.24A of the Listing Rules, including, amongst other relevant matters, its business operations, its resumption plan and the progress of implementation. The first quarterly update will be announced on or by November 16, 2020. The Company will also make further announcement(s) in relation to the above matters, as and when appropriate.
CONTINUED SUSPENSION OF TRADING
At the request of the Company, trading in the shares of the Company on the Hong Kong Stock Exchange has been suspended with effect from August 17, 2020 and will remain suspended until further notice.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.