SouthGobi Announces Implementation Progress of Resumption Plan and Business Update

VANCOUVER, British Columbia, Jan. 11, 2021 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces implementation progress of its resumption plan and business update. Reference is made to the announcements of the Company dated November 16, 2020 and December 8, 2020 (the “Announcements”). Unless otherwise defined herein, terms used in this announcement shall have the same meanings as those defined in the Announcements.

RESUMPTION GUIDANCE

As stated in the Announcements of the Company, the Hong Kong Stock Exchange has set out the Resumption Guidance for the Company as below:

• publish all outstanding financial results and address any audit modifications;
• inform the market of all material information for the Company’s shareholders and investors to appraise its position;
• announce quarterly updates on the Company’s developments under Rules 13.24A of the Listing Rules, including, amongst other relevant matters, its business operations, its resumption plan and the progress of implementation;
• resolve issues arising from the Cease Trade Order and/or the TSX Delisting Review, or take steps to the satisfaction of the Hong Kong Stock Exchange that the Company will be eligible for a primary listing on the Hong Kong Stock Exchange; and
• demonstrate compliance with Rule 13.24 of the Hong Kong Listing Rules.
  

RESUMPTION PLAN AND PROGRESS OF IMPLEMENTATION

The Company has been taking active steps to address and comply with the requirements set out in the Resumption Guidance. The implementation status of the resumption plan is as outlined below:

Key items	Status/ Expected timetable
2019 Audited Annual Results	Completed and issued on November 26, 2020
2019 Annual Report	Completed and dispatched on December 9, 2020
2020 Q1 Financial Results	Completed and issued on December 17, 2020
2020 Q2 Financial Results	Completed and issued on December 23, 2020
2020 Q3 Financial Results	Completed and issued on January 4, 2021
Revocation of Cease Trade Order	The Company filed an application for a full revocation of the CTO with the relevant Canadian securities regulatory authorities on January 4, 2021. The Company expects to receive the Canadian securities regulatory authorities’ decision to revoke the CTO on or before February 11, 2021 (Canada time)
TSX Delisting Review Hearing	The TSX Continued Listing Committee has scheduled a meeting on February 11, 2021 to consider whether or not to delist the Company’s securities on the TSX. The Company expects to receive the TSX’s delisting decision on or before February 16, 2021 (Canada time)
Application for HKEX trading resumption	The Company will submit an application to HKEX upon the revocation of the CTO and completion of the TSX Delisting Review process.

BUSINESS UPDATE