SouthGobi Announces Initiation of Delisting Review By TSX

VANCOUVER, British Columbia, Sept. 13, 2020 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that it was notified by the Toronto Stock Exchange (“TSX”) on September 11, 2020 that it is reviewing the eligibility for continued listing of the Company’s common shares on the TSX pursuant to the TSX’s Remedial Review Process (“TSX Delisting Review”). The Company has been granted 120 days from the date of this notification to remedy the following delisting criteria, as well as any other delisting criteria that become applicable during the Remedial Review Process: (i) financial condition and/or operating results; (ii) adequate working capital and appropriate capital structure; and (iii) disclosure issues (collectively, the “Delisting Criteria”).

The TSX Continued Listing Committee has scheduled a meeting to be held on January 7, 2021 to consider whether or not to suspend trading in and delist the shares of the Company on TSX. If the Company fails to demonstrate to the TSX that no Delisting Criteria remain applicable on or before January 11, 2021, the Company’s common shares will be delisted from the TSX 30 days from such date.

The Company is evaluating its options and action plan with respect to the TSX Delisting Review and will make further announcements with respect to this matter as and when appropriate.

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.

Contact:

Investor Relations

Office: +852 2156 1438 (Hong Kong)                                                                                               
+1 604 762 6783 (Canada)
Email: info@southgobi.com

Website: www.southgobi.com