VANCOUVER, BC / ACCESSWIRE / November 23, 2022 / 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
Pursuant to the Company's announcement dated April 21, 2022, the Company announced that it would be making an application (the "TSX-V Listing Application") to the TSX Venture Exchange ("TSX-V") to list the Company's common shares on the TSX-V, as well as an application to the Toronto Stock Exchange ("TSX") for a voluntary delisting of its common shares from the TSX, subject to the Company receiving approval from the TSX-V of the TSX-V Listing Application. The Company has been notified by the TSX-V that the TSX-V is currently unable to approve the Company's TSX-V Listing Application because the Company does not satisfy the TSX-V's working capital listing requirements.
In light of foregoing, the Company will make an application (the "NEX Listing Application") to the NEX division of the TSX-V ("NEX") to list its common shares on the NEX. The board of directors of the Company has determined that it is in the best interest of the Company to seek a listing of the Company's common shares on the NEX because it offers a cost-effective solution for the Company to maintain a listing of its common shares on an alternative trading market in Canada.
The Company's NEX Listing Application, once made, will be subject to review and approval from the NEX. The Company is targeting to obtain approval of the NEX Listing Application and complete the listing of its common shares on the NEX by the end of December 2022. As such, the Company wishes to update its Shareholders and investors that because the Delisting shall be subject to obtaining approvals from the TSX and NEX in connection with NEX Listing Application, the anticipated Effective Date is thus postponed to the end of December 2022.
The Company will provide further updates once further information is available. The Company anticipates that its common shares will remain listed on the TSX while the NEX Listing Application is under review by the NEX.
There may exist certain uncertainties as to whether and when the Delisting will proceed. Shareholders who have any queries about the implications of the Delisting are advised to obtain appropriate professional advice. Shareholders and potential investors are advised to exercise caution when dealing in the securities of the Company.
The Company will closely monitor the development of the aforesaid matters and keep the Shareholders and potential investors informed of any material development in connection with the above matters by way of periodic announcements and/or further announcement(s) as and when appropriate.
If there is any inconsistency or discrepancy between the English version and the Chinese version, the English version shall prevail.
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.
Certain information included in this press release that is not current or historical factual information constitutes forward-looking statements or information within the meaning of applicable securities laws (collectively, "forward-looking statements"), including information about the Company's application to list its common shares on the NEX. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "could", "should", "seek", "likely", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on certain factors and assumptions including, among other things, the ability of the Company to satisfy the NEX's listing requirements and the NEX approving the Company's NEX Listing Application and other similar factors that may cause actual results to differ materially from what the Company currently expects. Actual results may vary from the forward-looking statements. Readers are cautioned not to place undue importance on forward-looking statements, which speaks only as of the date of this disclosure, and not to rely upon this information as of any other date. While the Company may elect to, it is under no obligation and does not undertake to, update or revise any forward-looking statements, whether as a result of new information, further events or otherwise at any particular time, except as required by law. Additional information concerning factors that may cause actual results to materially differ from those in such forward-looking statements is contained in the Company's filings with Canadian securities regulatory authorities and can be found under the Company's profile on SEDAR at www.sedar.com.
SOURCE: SouthGobi Resources Ltd.