SouthGobi Announces to Hold the 2020 Annual General Meeting to January 21, 2021

VANCOUVER, British Columbia, Dec. 06, 2020 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that the Company will postpone its annual general meeting of the shareholders of the Company in 2020 (the “2020 AGM”) to January 21, 2021 and has obtained the requisite approval from the Toronto Stock Exchange (“TSX”) on November 7, 2020 to extend the time within which to hold its 2020 AGM in order to permit the Company to convene the 2020 AGM on or before January 21, 2021.

Reference is made to the announcement of the Company dated May 12, 2020 (the “Announcement”) and capitalized terms used herein, unless otherwise defined, shall have the same meaning as those defined in the Announcement. As disclosed in the Announcement, the Company (i) obtained an Order from the British Columbia Registrar of Companies to delay the time to hold its 2020 AGM until February 21, 2021; (ii) relied on the temporary relief issued by the TSX on March 23, 2020, which permits TSX-listed issuers to hold their AGMs in 2020 on any date up to and including December 31, 2020, regardless of the issuer’s fiscal year-end; and (iii) obtained a Waiver from the HKEX from the strict compliance with the requirements under Rule 13.46(2)(b) of the Rules Governing the Listing of Securities on the HKEX. As of the date of the Announcement, the Company had anticipated convening the 2020 AGM before the end of October 2020.

Due to the delay in completing and filing its audited annual financial statements for the fiscal year ended December 31, 2019 (the “2019 Financial Statements”) and the requirement that the Company is required to present the 2019 Financial Statements to shareholders at the 2020 AGM, the Company was unable to convene the 2020 AGM prior to the end of October 2020 as previously anticipated.

On November 26, 2020, the Company published its 2019 Audited Annual Results and filed its 2019 Financial Statements. Accordingly, the Company is now in a position to, and is making preparations for, convening the 2020 AGM on January 21, 2021.

The Company will make further announcement to the shareholders of the Company with respect to the exact time and venue of the 2020 AGM in due course.

CONTINUED SUSPENSION OF TRADING

Trading in the common shares of the Company on the TSX has been suspended since June 19, 2020 as a result of the CTO issued by the BCSC which prohibits trading by any person of any securities of the Company in Canada. Trading in the on the TSX will remain halted for so long as the CTO remains in effect.

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.