VANCOUVER, British Columbia, March 12, 2020 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the “Company”) announces that, the resignation of Mr. Wen Yao (“Mr. Yao”) as a non-executive director of the Company, effective March 11, 2020.
Mr. Yao resigned as a director of the Company due to a change to his duties and responsibilities at CIC Capital Corporation, a wholly owned subsidiary of China Investment Corporation (“CIC”), which is a substantial shareholder of the Company.
CIC nominated Mr. Yao as a director of the Company in 2017 pursuant to a contractual nomination right granted to CIC in connection with the convertible debenture issued by the Company to CIC in 2009. CIC has nominated another nominee director candidate to the Company and the Nominating & Corporate Governance Committee of the Company is in the process of arranging interview for the nominee director candidate.
Mr. Yao has confirmed that he has no disagreement with the board of directors of the Company (the “Board”) and there is no matter in relation to his resignation that needs to be brought to the attention of the shareholders of the Company.
The Board takes this opportunity to express its very sincere gratitude to Mr. Yao for his valuable contribution to the Board and the Company.
About SouthGobi
SouthGobi, listed on the Toronto and Hong Kong stock exchanges, owns and operates its flagship Ovoot Tolgoi coal mine in Mongolia. SouthGobi produces and sells coal to customers in China.