QGX announces take-up of shares by Mongolia Holdings Corp. pursuant to its all-cash bid

    TSX - QGX

    WATERDOWN, ON, Sept. 16 /CNW/ - QGX Ltd. (TSX: QGX) ("QGX") is pleased to
announce that 50,950,885 of its common shares ("QGX Shares") have been validly
deposited pursuant to the offer by Mongolia Holdings Corp. (the "Offeror"), an
indirect subsidiary of Kerry Holdings Limited, to acquire all of the
outstanding QGX Shares (the "Offer"). Under the terms of the Offer,
shareholders of QGX are entitled to receive Cdn$5.00 cash for each QGX Share
tendered pursuant to the Offer. The Offeror has advised that, as all
conditions of the Offer have been satisfied, it has taken up and accepted for
payment all QGX Shares so deposited, which represent approximately 95.94% of
the outstanding QGX Shares. The Offeror has deposited sufficient funds to pay
for all of the common shares with the Depositary and payment will be made by
the Depositary to tendering shareholders within 3 business days.
    The Offer expired at midnight (Vancouver time) on September 15, 2008 and
will not be extended. The Offeror has also advised that it intends to acquire
all QGX Shares not tendered to the Offer by way of a compulsory acquisition
pursuant to the Business Corporations Act (Ontario) and will shortly be
mailing a notice of compulsory acquisition to QGX shareholders who have not
tendered into the Offer.
    At a meeting of the QGX board of directors held today, the board of QGX
was reconstituted and now consists of the following individuals: Odjargal
Jambaljamts, Chye Kuok, Thomas Lui, Philip Marshall and John Newman. Mr. Lui
has also been appointed as Chairman and Chief Executive Officer.
    The Offeror's registered office is 200 Bay Street, Suite 2600, Toronto,
Ontario. A report required under section 102.1 of the Securities Act (Ontario)
will be filed within the prescribed time period. Copies of such report shall
be available by contacting Corey MacKinnon at 416.360.6336.

    The Toronto Stock Exchange has neither approved nor disapproved
    the information contained herein.

For further information:

For further information: Corey MacKinnon, Heenan Blaikie LLP, Phone:
(416) 360-6336

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