LAND GRAND INTERNATIONAL HOLDING LIMITED ACQUIRES COMMON SHARES OF SOUTHGOBI RESOURCES LTD.
VANCOUVER, BC, Nov. 28, 2022 /CNW/ - Land Grand International Holding Limited (the "Company") has acquired 46,358,978 common shares (the "Common Shares") of SouthGobi Resources Ltd. (the "Corporation") from China Cinda (HK) Asset Management Co., Limited (the "Vendor") for HK$62,000,000 (or its equivalent in US$ based on the conversion rate between HK$ and US$ as HK$7.8 = US$1.00) in aggregate for the Common Shares, 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) (the "Transaction").
The Transaction took place outside of Canada pursuant to a private arrangement and did not take place through the facilities of any stock exchange or any other marketplace.
Immediately prior to completing the Transaction, the Company held no Common Shares or other securities of the Corporation convertible into Common Shares. Immediately following the Transaction, the Company holds 46,358,978 Common Shares, representing 15.70% of the issued and outstanding Common Shares, without giving effect to any conversion of any convertible securities of the Corporation.
The Company has acquired the Common Shares for investment purposes. The Company will evaluate its investment from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease its ownership of securities in the Corporation through market transactions, private agreements or otherwise. While the Company and its affiliates together beneficially own directly or indirectly 10% or more of the outstanding Common Shares of the Corporation, the Company has the right to nominate one director to the Corporation.
Each statement in this press release of the percentage of the issued and outstanding Common Shares of the Corporation owned or controlled by the Company is based on the disclosure of the number of issued and outstanding common shares of the Corporation contained in the public disclosure documents filed by the Corporation on SEDAR.
An early warning report is being filed by the Company in accordance with applicable Canadian securities laws and will be available under the Corporation's profile on SEDAR at www.sedar.com.
The Corporation, 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. The Corporation produces and sells coal to customers in China.
The Company is a limited company incorporated under the laws of Hong Kong. The Company's controlling shareholder is Mengfa Energy Holdings Group Limited* (蒙发能源控股集团有限责任公) (the "Controlling Shareholder"), which is in turn controlled by Mr. Gao Zhu (who directly controls 80% of the Controlling Shareholder).
*For identification purposes only.
For further information or to obtain a copy of the early warning report to which this press release relates, please contact:
Land Grand International Holding Limited
Li Lin
+ 86 1590137602
[email protected] (Email)
SOURCE Land Grand International Holding Limited
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