Stock Market – Resumption Plan and Enterprise Replace Toronto Stock Change:SGQ
VANCOUVER, British Columbia, Nov. 16, 2020 (GLOBE NEWSWIRE) — SouthGobi Assets Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Firm”) broadcasts that reference is made to the bulletins of the Firm dated September 3, September 13, September 30 and October 4, 2020 (the “Bulletins”). Except in any other case outlined herein, phrases used on this announcement shall have the identical meanings as these outlined within the Bulletins.
This announcement supplies a quarterly replace on resumption progress and the replace on the enterprise operations of the Firm.
On September 2 and September 30, 2020, the Firm acquired the letters from the Hong Kong Stock Change setting out the Resumption Steerage of the Firm:
- publish all excellent monetary outcomes and tackle any audit modifications;
- inform the market of all materials data for the Firm’s shareholders and buyers to appraise its place;
- announce quarterly updates on the Firm’s developments underneath Guidelines 13.24A of the Itemizing Guidelines, together with, amongst different related issues, its enterprise operations, its resumption plan and the progress of implementation; and
- resolve points arising from the Stop Commerce Order and/or the TSX Delisting Overview, or take steps to the satisfaction of the Hong Kong Stock Change that the Firm will likely be eligible for a main itemizing on the Hong Kong Stock Change.
RESUMPTION PLAN AND PROGRESS OF IMPLEMENTATION
The Firm has been taking lively steps to deal with and adjust to the Resumption Steerage as disclosed above; and is now working to finish the primary key milestone within the resumption plan as outlined beneath:
|Anticipated time||Key objects|
|On or earlier than November 30, 2020||To finish audit and publish the 2019 Audited Annual Outcomes|
|On or earlier than December 10, 2020||To dispatch the 2019 Annual Report|
|On or earlier than December 31, 2020||To publish 2020 quarterly monetary outcomes for the primary quarter of 2020|
|On or earlier than December 31, 2020||To file an software for the CTO revocation|
|On or earlier than January 7, 2021||To attend the TSX Delisting Overview Listening to scheduled on January 7, 2021 or to use for rescheduling of the TSX Delisting Overview Listening to upon submitting the applying for the CTO revocation|
|On or earlier than January 31, 2021||To publish 2020 quarterly monetary outcomes for the second quarter of 2020|
|On or earlier than February 19, 2021||To publish 2020 quarterly monetary outcomes for the third quarter of 2020|
|On or earlier than March 12, 2021||To publish the resumption announcement after (i) the grant of CTO revocation by BCSC, (ii) the completion of TSX Delisting Overview and (iii) the approval of buying and selling resumption by the Hong Kong Stock Change|
UPDATE ON BUSINESS OPERATIONS
The gross sales quantity the Firm has elevated from roughly 0.5 million tonne within the second quarter of 2020 to roughly 1.Zero million tonne within the third quarter of 2020. The Firm resumed its mining operation on August 2, 2020 and the uncooked coal manufacturing quantity was 0.5 million tonne within the third quarter of 2020. The Firm additionally resumed its coal washing operation on October 18, 2020.
CONTINUED SUSPENSION OF TRADING
On the request of the Firm, buying and selling within the shares of the Firm on the Hong Kong Stock Change has been suspended with impact from August 17, 2020 and can stay suspended till additional discover.
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 prospects in China.
Contact: Investor Relations Workplace: +852 2156 1438 (Hong Kong) +1 604 762 6783 (Canada) E mail: Web site: www.southgobi.com
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