VANCOUVER, British Columbia, Sept. 30, 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 September 3 and September 13, 2020 (the “Announcements”). Unless otherwise stated herein, capitalized terms used herein shall have the same meanings as that ascribed to them in the Announcements.
RESUMPTION GUIDANCE
With reference to the announcement of the Company dated September 3, 2020, the Company has been notified by the Hong Kong Stock Exchange of the following Resumption Guidance:
- publish all outstanding financial results and address any audit modifications;
- inform the market of all material information for the Company’s shareholders and investors to appraise its position; and
- announce quarterly updates on the Company’s 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.
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.
ADDITIONAL RESUMPTION GUIDANCE
On September 30, 2020, the Company was notified by the Hong Kong Stock Exchange of the following additional resumption guidance:
- resolve issues arisen from the Cease Trade Order and/or the TSX Delisting Review.
The Hong Kong Stock Exchange indicated that it may modify the Resumption Guidance and/or give further guidance if the situation changes.
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.
Website: www.southgobi.com