SouthGobi Resources Limited
TSX : SGQ
HKSE : 1878

SouthGobi Resources Limited

July 04, 2017 21:53 ET

SouthGobi Resources announces voting results of Annual Meeting of Shareholders

HONG KONG, CHINA--(Marketwired - July 4, 2017) - SouthGobi Resources Ltd. (TSX:SGQ)(HKSE:1878) ("SouthGobi" or the "Company") announces the voting results of the Annual Meeting of Shareholders of the Company (the "AGM") held in Vancouver, Canada on June 30, 2017.

The majority of shareholders voted in favour of all resolutions at the AGM as set out in the Company's Management Proxy Circular, dated May 19, 2017, namely:

  • Fixing the number of directors to be elected at the AGM at eight.
  • Re-election of Messrs. Aminbuhe, Yulan Guo, Yingbin Ian He, Zhu Liu, Mao Sun, Wen Yao, Huiyi Wang and Ms. Jin Lan Quan as directors of the Company (the "Directors") for the ensuing year.
  • Appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the ensuing year.

Mr. Aminbuhe was appointed as Chairman of the Board (the "Chairman") and Mr. Yingbin Ian He was appointed as Chairman of the Nominating and Corporate Governance Committee.

Messrs. Ningqiao Li and Joseph Belan did not stand for re-election at the AGM. Following the conclusion of the AGM, Mr. Ningqiao Li ceased to be an executive director and the Executive Chairman. Mr. Belan ceased to be an independent non-executive director, Chairman of the Nominating and Corporate Governance Committee, and a member of each of the Compensation and Benefits Committee and the Audit Committee.

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

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

UPDATE TO THE STRATEGIC ADVISORY BOARD

In light of the reconstitution of the Board and appointment of new Directors, the Company's Strategic Advisory Board (the "SAB") has been dissolved, and Mr. Abraham Jonker's appointment to the SAB has been concluded. The Company thanks Mr. Jonker for his service on the SAB.

About SouthGobi

SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. It also holds the mining licences of its other metallurgical and thermal coal deposits in South Gobi Region of Mongolia. SouthGobi produces and sells coal to customers in China.

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