SouthGobi Resources Limited
TSX : SGQ
HKSE : 1878

SouthGobi Resources Limited

August 06, 2015 20:12 ET

SouthGobi Resources Announces Results of Annual Meeting of Shareholders and Changes to the Board of Directors

HONG KONG, CHINA--(Marketwired - Aug. 6, 2015) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) (the "Company" or "SouthGobi") today announced the results of the Annual Meeting of Shareholders (the "AGM") held in Vancouver, Canada on August 6, 2015 and the changes to the board of directors (the "Board") of the Company.

The majority of shareholders voted in favour of all resolutions at the meeting as set out in the Company's Management Proxy Circular dated July 7, 2015 and the Supplement to Management Proxy Circular dated July 31, 2015 namely:

  • Fixing the number of directors to be elected at the Annual Meeting of Shareholders at eight.

  • Election of Aminbuhe, André Deepwell, Yulan (Allen) Guo, W. Gordon Lancaster, Pierre Lebel, Ningqiao Li, Zhu Liu, and Jin Lan (Jacqueline) Quan as directors of the Company.

  • Appointment of PricewaterhouseCoopers LLP as auditors of the Company.

  • Amending the Company's Employees' and Directors' Equity Incentive Plan adopted by the Company on May 11, 2010, and amended on May 17, 2011 (the "Equity Incentive Plan"), including an increase in the number of shares available under the share bonus plan component of the Equity Incentive Plan from 200,000 to 2,000,000.

The Stock Exchange of Hong Kong has granted SouthGobi a waiver from Listing Rule 13.39(4) which requires that any vote of shareholders at a general meeting must be taken by poll. Therefore this notice does not contain the specific information set out in Listing Rule 13.39(5).

CHANGES TO THE BOARD OF DIRECTORS

The Board hereby announces following changes to the Board with effect from the conclusion of the AGM.

Messrs. Kelly Sanders and Ted Chan did not stand for re-election at the AGM and ceased to be non-executive directors following the conclusion of the AGM. Mr. Sanders ceased to be chairman of Health, Environment, Safety and Social Responsibility Committee and Mr. Chan ceased to be a member of the Health, Environment, Safety and Social Responsibility Committee.

The Board takes this opportunity to express its sincere gratitude to Messrs. Sanders and Chan for their valuable contributions to the Company.

Mr. Aminbuhe has been appointed as a non-executive director of the Company and Mr. Zhu Liu and Ms. Jin Lan (Jacqueline) Quan have been appointed as independent non-executive directors of the Company.

Mr. Gordon Lancaster, Interim Chair, said, "On behalf of the Board, I want to welcome our new directors to the Company. Each brings significant skills and experience that will be very valuable to SouthGobi as we move forward."

Mr. Aminbuhe is a coal mining professional with diverse senior experience that includes sales and marketing, exploration, logistics, business development and Hong Kong public company disclosure requirements. Mr. Aminbuhe previously held the position of Executive Director at National United Resources Holding Limited ("NUR"), a Hong Kong public listed company operating in China and Mongolia. Prior to his position at NUR, Mr. Aminbuhe was Chairman and President of Inner Mongolia Ejina Jin Yun Kun Tai Industrial Development Co. Ltd., a leading coal trading company operating in China and Mongolia. Mr. Aminbuhe also owned and operated Inner Mongolia Rong Chun Coal Co. Ltd., with its coal mine located in Inner Mongolia of China. Mr. Aminbuhe graduated from the Beijing Institute of Technology with a Bachelor degree in Management Engineering.

Mr. Zhu Liu has had a distinguished career in the shipping industry spanning over 40 years. As former Deputy Chief Executive Officer and President of China Ocean Shipping (Group) Company ("COSCO"), Mr. Liu gained extensive operation and management experience derived from overseeing the company's large multinational logistics enterprises. This position also provided him with unique transportation and logistics industry expertise. While at COSCO, Mr. Liu led the debt restructuring of Orient Overseas Hong Kong Corporation on behalf of COSCO. After leaving COSCO in 1992, Mr. Liu was Chairman of Honor Dragon Corporation Group until 2000. Most recently, he was Managing Director of Hong Kong International Company and Chairman of Beijing Bao Hai Shipping Corporation between 2000-2005. Mr. Liu studied in France, first at the Faculty of Arts of University of Paris from 1964 to 1967 and subsequently at the University of Grenoble. In 1987, Mr. Liu obtained the title of Senior Economist in China and in 1989 was a member of the China Strait Affairs Council.

Ms. Jin Lan (Jacqueline) Quan is currently an independent financial planner and business consultant based in Sydney, Australia. Ms. Quan resigned from an extensive and diverse finance and audit career, with her last position being audit partner with Arthur Anderson in Sydney, Australia in 2003. Ms. Quan has extensive experience in financial consulting services with specialist skills in capital and debt raising, corporate financing, internal audit structuring and risk management and business acquisition planning and implementation. Ms. Quan is a Certified Public Accountant of the P. R. China and a Fellow of the Association of Certified Chartered Accountants of U.K.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, is focused on exploration and development of its metallurgical and thermal coal deposits in Mongolia's South Gobi Region. It has a 100% shareholding in SouthGobi Sands LLC, a Mongolian registered company that holds the mining and exploration licences in Mongolia and operates the flagship Ovoot Tolgoi coal mine. Ovoot Tolgoi produces and sells coal to customers in China.

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