SouthGobi Resources shareholders approve new deferral agreement with CIC
VANCOUVER, British Columbia, June 13, 2019 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) is pleased to announce that a majority of the Company’s disinterested shareholders voted in favour of a shareholder resolution authorizing and approving the deferral agreement (the “2019 Deferral Agreement”) between Land Breeze II S.à.r.l. (“CIC Subco”), a wholly-owned subsidiary of China Investment Corporation, the Company and certain of its subsidiaries at the adjourned annual and special meeting (the “Adjourned Meeting”) of shareholders of the Company held in Vancouver, Canada on June 13, 2019.
As disclosed in the Company’s press release dated April 23, 2019, the effectiveness of the 2019 Deferral Agreement and the respective covenants, agreements and obligations of each party under the 2019 Deferral Agreement were subject to the Company obtaining approval from disinterested shareholders in accordance with the requirements of Section 501(c) of the TSX Company Manual. A summary of the material terms of the 2019 Deferral Agreement can be found in the Company’s Management Proxy Circular dated April 23, 2019, a copy of which is available under the Company’s profile on SEDAR at www.sedar.com.
If there is any inconsistency or discrepancy between the English version and the Chinese version, the English version shall prevail.
SouthGobi is a coal mining company, listed on the Toronto and Hong Kong stock exchanges. Its flagship 100% owned Ovoot Tolgoi coal mine is located in South Gobi Province, Mongolia. SouthGobi also owns several metallurgical and thermal coal deposits in the vicinity areas. SouthGobi produces and sells coal to customers in China.