VANCOUVER, BC / ACCESSWIRE / May 13, 2024 / SouthGobi Resources Ltd. (TSX-V:SGQ)(HK:1878) ('SouthGobi' or the 'Company', together with its subsidiaries, the 'Group')announces that, on May 13, 2024, it
VANCOUVER, BC / ACCESSWIRE / May 13, 2024 / SouthGobi Resources Ltd. announces that, on May 13, 2024, it has entered into an amendment agreement with JD Zhixing Fund L.P. , the registered holder of the Company's US$250 million Convertible Debenture issued on November 19, 2009 and the Company's largest shareholder, to amend certain terms of the Convertible Debenture.
the amount of such prepayment reduces the then outstanding principal amount under the Convertible Debenture by an amount that is not less than US$500,000 and if in excess of US$500,000, an integral multiple of US$500,000; andThe Company is not providing any additional form of consideration to JDZF in connection with the Convertible Debenture Amendment. Aside from the aforementioned amendments, the existing terms of the Convertible Debenture continue in full force and effect and unchanged.
In evaluating the terms of the Convertible Debenture Amendment and reaching its conclusion and making its recommendation in support of the Convertible Debenture Amendment, the Board ), considered a number of factors, including the following: the Convertible Debenture Amendment is designed to improve the financial position of the Company, as it provides the Company with an ability to repay the principal amount and accrued cash interest or PIK interest, without penalty, at the discretion of the...
There is no requirement for the Convertible Debenture Amendment to be the subject of a formal valuation by virtue of not being within the scope of related party transactions set out in Section 5.4 of MI 61 101.Pursuant to the Hong Kong Listing Rules, JDZF is a substantial shareholder of the Company holding approximately 28.98% of the Company's issued common shares and therefore a connected person of the Company.
Save for the aforesaid and to the Board's best knowledge, information and belief and having made all reasonable enquiries, no other shareholder has a material interest in the Convertible Debenture Amendment and therefore no other shareholder is required to abstain from voting on the relevant resolution at the Meeting.
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