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Enter Symbol
or Name
USA
CA



SouthGobi Resources Ltd
Symbol SGQ
Shares Issued 187,317,018
Close 2014-07-29 C$ 0.66
Market Cap C$ 123,629,232
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SouthGobi holder Turquoise Hill to sell 29.9% of shares

2014-07-30 02:32 ET - News Release

An anonymous director reports

TURQUOISE HILL ENTERS INTO AN AGREEMENT WITH NATIONAL UNITED RESOURCES TO SELL SHARES REPRESENTING 29.95% OF SOUTHGOBI RESOURCES' TOTAL SHAREHOLDING

SouthGobi Resources Ltd. has been notified that Turquoise Hill Resources Ltd. has entered into a share purchase agreement to sell a 29.95-per-cent stake in the company to National United Resources Holdings Ltd., a Hong Kong-based public company listed on the main board of the Stock Exchange of Hong Kong Ltd.

Under the terms of the agreement, which was effected in accordance with and in reliance upon the private agreement exemption under the Canadian takeover bid regime, Turquoise Hill has agreed to sell 56,102,000 common shares that it owns in the capital of the company to NUR at a price of 45.5 cents per common share, following which Turquoise Hill would continue to hold 48,705,155 shares of the company, representing approximately a 26.00-per-cent stake in the company. SouthGobi notes that under the proposed transaction, approximately $12.8-million in cash will be received by Turquoise Hill at closing, and deferred consideration of approximately $12.8-million will be payable to Turquoise Hill one year after the closing of the transaction.

Closing is subject to certain closing conditions, including approval of both the SEHK, as well as NUR's shareholders. Closing is expected to occur no later than Nov. 30, 2014.

Upon closing of the transaction, the company expects that two persons nominated by NUR will be appointed to the board of directors of the company.

SouthGobi will continue to focus on its business and drive to deliver upon its 2014 objectives with the usual high priority on safety.

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