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VANCOUVER, British Columbia, May 17, 2020 — SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces an amend on arising its 2019 Financial Statements and the advertisement and celerity of the 2019 Annual Report.
Reference is fabricated to the Company’s announcements anachronous April 27 and May 12, 2020 (collectively, the “Announcements”). Unless contrarily authentic herein, capitalized agreement acclimated in this advertisement shall accept the aforementioned corresponding meanings as authentic in the Announcements.
As appear in the advertisement anachronous May 12, 2020, the Company has been brash by its Auditors that they accept not been able to cede an blunt assessment on the 2019 Financial Statements above-mentioned to the filing borderline of May 14, 2020, as they accept not had acceptable affirmation to abutment management’s activity affair assumptions due in allotment to the appulse of the COVID-19 pandemic. In addition, the State Emergency Commission of Mongolia imposed biking brake of non-Mongolian cartage to access Mongolia back February 2020. On April 28, 2020, the State Emergency Commission of Mongolia absitively to extend the abeyance of all-embracing commuter flights till the end of May 2020. As a result, the Company was not able to book the 2019 Financial Statements by the filing borderline of May 14, 2020.
On May 13, 2020 the Company fabricated an appliance to the BCSC, the Company’s arch balance regulator in Canada, requesting that a MCTO be accepted in account of the backward filing of the 2019 Annual Filings and 2020 Interim Filings. On May 15, 2020, the BCSC accepted the Company a MCTO which will be able until June 15, 2020. Pursuant to the MCTO, the Chief Executive Officer and the Chief Financial Officer of the Company will not be acceptable to barter any balance of the Company unless and until such time as the Company files the 2019 Annual Filings and 2020 Interim Filings. While the MCTO is in effect, the Company expects that shareholders of the Company will abide to be able to barter the Company’s accepted shares on the TSX. Until the 2019 Annual Filings and 2020 Interim Filings are filed, the Company will be adapted to accede with the accoutrement of the addition advice guidelines defined in NP 12-203 by arising bi-weekly absence cachet letters in the anatomy of columnist releases for so continued as the MCTO charcoal in effect.
Meanwhile, an appliance was fabricated by the Company to the Hong Kong Banal Exchange for added addendum of time for the advertisement of the 2019 Annual Report (the “Further Extension”) as provided for beneath the Added Guidance on Joint Statement in affiliation to Results Announcements in ablaze of the COVID-19 Communicable issued by the Balance and Future Commission in Hong Kong and the Hong Kong Banal Exchange on March 16, 2020. The Company anticipates trading of the Company’s accepted shares on the Hong Kong Banal Exchange will be acceptable to abide if the Added Addendum is accepted by Hong Kong Banal Exchange.
During the able aeon of MCTO, and if the Added Addendum is granted, the Company will use the added time so accepted to access accordant affirmation so as to abutment management’s activity affair assumptions, and to access an blunt assessment from the Auditors on the 2019 Financial Statements or accompany addition adapted resolution to this matter. If the Company is acknowledged in accepting an blunt assessment from the Auditors on the 2019 Financial Statements, the Company will book the 2019 Financial Statements and 2019 Annual Report as anon as accessible afterward the cancellation thereof. There can be no assurance, however, that the Company will be able to accommodate acceptable affirmation to the Auditors and access an blunt assessment on the 2019 Financial Statements above-mentioned to the accomplishment of the MCTO or Added Extension. If the Company is clumsy to book the 2019 Annual Filings and 2020 Interim Filings above-mentioned to the accomplishment of the MCTO, it is advancing that the BCSC will affair a accepted “failure to file” cease barter adjustment (“CTO”) prohibiting the trading by any being of any balance of the Company, including trades in the Company’s accepted shares fabricated through the TSX. The Company anticipates that the CTO would booty aftereffect anon afterwards the accomplishment of the MCTO and would abide in abode until such time as the 2019 Annual Filings and 2020 Interim Filings accept been filed.
The Company will accomplish added announcement(s) in affiliation to the updates on cachet of the Added Addendum appliance with the Hong Kong Banal Exchange, the 2019 Financial Statements, and the advertisement and the celerity of the 2019 Annual Report as and back appropriate.
Shareholders of the Company and abeyant investors are brash to exercise attention back ambidextrous in the balance of the Company.
SouthGobi, listed on the Toronto and Hong Kong banal exchanges, owns and operates its flagship Ovoot Tolgoi atramentous abundance in Mongolia. SouthGobi produces and sells atramentous to barter in China.
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