CHINA CINDA (HK) ASSET MANAGEMENT CO., LIMITED ANNOUNCES DISPOSITION OF SHARES OF SOUTHGOBI RESOURCES LTD.

VANCOUVER, BC, Nov. 28, 2022 /CNW/ - China Cinda (HK) Asset Management Co., Limited ("CCAM (HK)"), a wholly-owned subsidiary of China Cinda Asset Management Co., Ltd. ("CCAM"), announces that it has today sold all of the common shares of SouthGobi Resources Ltd. ("SouthGobi") owned by it, being an aggregate of 46,358,978 common shares representing approximately 15.70% of the issued and outstanding common shares of SouthGobi to Land Grand International Holding Limited (the "Transaction").

The Transaction was completed pursuant to a sale agreement with Land Grand International Holding Limited ("Land Grand") dated November 17, 2022. The agreement to sell all of CCAM (HK)'s interest in SouthGobi is a private transaction that was negotiated and completed outside of Canada.

The sale price for the South Gobi common shares sold by CCAM (HK) is HK$62,000,000 (or its equivalent in US$ based on the conversion rate between HK$ and US$ as HK$7.80 = US$1.00) in aggregate, equivalent to approximately C$10,609,171.80 in aggregate and C$0.23 per common share (based on the conversion rate of HK$5.844 = C$1.00).

Immediately prior to the completion of the Transaction, CCAM (HK) owned 46,358,978 common shares of SouthGobi, representing approximately 15.70% of the issued and outstanding common shares of SouthGobi. Upon completion of the Transaction, CCAM (HK) owns nil common shares of SouthGobi, representing 0% of the issued and outstanding common shares of SouthGobi.  Upon completion of the Transaction, the two directors nominated by CCAM (HK)'s wholly-owned subsidiary have resigned from the board of directors of SouthGobi. Each statement in this press release of the percentage of the issued and outstanding common shares of SouthGobi owned or controlled by CCAM (HK) is based on the disclosure of the number of issued and outstanding common shares of SouthGobi contained in the public disclosure documents filed by SouthGobi on SEDAR.

An early warning report is being filed by CCAM (HK) in accordance with applicable Canadian securities laws and will be available under SouthGobi's profile on SEDAR at www.sedar.com.

For more information, or to obtain a copy of the early warning report to which this press release relates, please contact:

CHINA CINDA (HK) ASSET MANAGEMENT CO., LIMITED
Chen Jianan
[phone]
[email protected] (Email)

SOURCE China Cinda (HK) Asset Management Co., Limited