Southgobi Announces Appointment of Executive Directors; Change of Composition of Board Committee; Changes IN Senior Management
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September 8, 2022
SOUTHGOBI ANNOUNCES
APPOINTMENT OF EXECUTIVE DIRECTORS;
CHANGE OF COMPOSITION OF BOARD COMMITTEE;
CHANGES IN SENIOR MANAGEMENT
VANCOUVER – SouthGobi Resources Ltd. (TSX: SGQ, HK: 1878) (“SouthGobi” or the
“Company”) Reference is made to the announcement of SouthGobi Resources Ltd.
(“SouthGobi” or the “Company”) dated August 31, 2022 (the “ Announcement”) in relation
to the resignation of certain no n-executive Directors. Unless otherwise defined herein,
capitalized terms used in this announcement shall have the same respective meanings as
defined in the Announcement.
The Company is pleased to announce that, effective from September 8, 2022, (i) Mr. Dong
Wang (“Mr. Wang”) has been appointed as an executive Director and the Chief Executive
Officer (“CEO”) of the Company and member of the Operations Committee; (ii) Ms. Chonglin
Zhu (“Ms. Zhu”) has been appointed as an executive Director and the Company’s Senior Vice
President of Finance; (iii) Mr. Dalanguerban (“Mr. Dalanguerban”) has been appointed as the
Company’s President and will continue to service as an executive Director of the Company,
and President and executive Director of a Company’s wholly-owned subsidiary in Mongolia;
and (iv) Mr. Alan Ho (“Mr. Ho”) has been appointed as Chief Financial Officer (previously, the
acting Chief Financial Officer).
APPOINTMENT OF EXECUTIVE DIRECTORS
Mr. Wang and Ms. Zhu were nominated for appointment as Directors of the Company by JD
Zhixing Fund LP (“ JDZF”) pursuant to contractual nomination rights contained in the
securityholders agreement between the Company, JDZF and a former shareholder of the
Company and certain deferral agreements between JDZF, the Company and certain of its
subsidiaries relating to the Company’s US$250 million convertible debenture held by JDZF
(as disclosed in the announcement of the Company dated May 27, 2022 and the Management
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Proxy Circular of the Company dated June 29, 2022 ). The Company has appointed the
aforementioned two Director nominees to the Board as permitted under the Company’s
Articles of Continuation (“Articles”) and the Business Corporations Act (British Columbia).
The biographical details of Mr. Wang and Ms. Zhu are as follows:
Mr. Dong Wang, aged 49, has served as the General Manager of Inner Mongolia Dongfang
Guoxin Technology Co. Ltd.* ( 内蒙古东方国信科技有限公司 ) (“Dongfang Guoxin”) since
2019. He is responsible for the operations management of Dongfang Guoxin, which provides
services to energy and mining companies in chemistry management, safety and equipment
management, and energy conservation management. Prior to joining Dongfang Guoxin , Mr.
Wang served as the Chairman of Guangzhou Guide Investment Co. Ltd.* (广州贵德投资有限
公司 ) from 2015 to 2019, responsible for investment and financing in government
infrastructure projects. Mr. Wang has over 20 years of experience in investment and
management in the energy and resources industry.
Mr. Wang obtained a bachelor degree in industrial electrical engineering and automation at
Liaoning Technical University (the former Fuxin Institute of Mining) in 1997 and a master
degree in finance management at The University of Chinese Academy of Sciences in 2011.
He is a member of the Canadian Institute of Corporate Directors.
Ms. Chonglin Zhu , aged 36, has served as the Chief Financial Officer of Inner Mongolia
Tianyu Innovation Investment Group Co., Ltd.* ( 内蒙古天宇创新投资集团有限公司) (“Tianyu
Group”) since 2015. Tianyu Group is an investment company based in Inner Mongolia, China
with a variety of businesses including coal mining and processing. Ms. Zhu is responsible for
managing the financial operations and investments of Tianyu Group. She joined Tianyu Group
in 2011 and served as a business manager in the finance department of Tianyu Group
between 2012 and 2015. Prior to joining Tianyu Group, she served as a translator with an
automotive company in China.
Ms. Zhu studied Japanese language and literature at Guangdong University of Foreign
Studies in 2009 and obtained a bachelor degree in accounting at Harbin University of Science
and Technology in 2016. She is a member of the Canadian Institute of Corporate Directors.
As at the date of this announcement, save as disclosed above, neither Mr. Wang nor Ms. Zhu
(i) hold any directorships in other public companies, the securities of which are listed on any
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securities market in Hong Kong or overseas, over the last three years preceding t he date of
this announcement or other major appointments and professional qualifications; (ii) hold any
other position with any member of the Group and has not previously held any other position
with any member of the Group; (iii) have any interest in the shares, underlying shares or
debentures of the Company or any of its associated corporations within the meaning of Part
XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong); and (iv)
have any relationship with any Directors, se nior management, or substantial or controlling
shareholders of the Company.
There is no specific term or proposed length of service for Mr. Wang or Ms. Zhu as executive
Directors. Both Mr. Wang and Ms. Zhu will be subject to re -election at the annual gen eral
meeting of the Company in accordance with the Articles. Consistent with the Company’s
executive compensation program, the remuneration for Mr . Wang and Ms. Zhu will be
determined by the Board based on the recommendation of the Compensation and Benefit s
Committee of the Board, which is comprised of the independent non-executive Directors.
Saved as disclosed above, there is no other information relating to the appointment of Mr.
Wang and Ms. Zhu that is required to be disclosed pursuant to Rule 13.51(2 )(h) to (v) of the
Rules Governing the Listing of Securities on the Hong Kong Stock Exchange nor any matters
that need to be brought to the attention of the shareholders of the Company (“Shareholders”).
The Board would like to take this opportunity to welcome Mr. Wang and Ms. Zhu to the Board.
CHANGE IN COMPOSITION OF BOARD COMMITTEE
The Board is pleased to announce that, with effect from September 8, 2022, Mr. Wang has
also been appointed to the Operations Committee to fill the vacancy for the position of
Operations Committee member following Mr. Ben Niu’s resignation.
CHANGE OF CHIEF EXECUTIVE OFFICER
The Board announces that Mr. Dalanguerban, an executive Director has resigned as Chief
Executive Officer, and has been appointed as the Company’s President with effect from
September 8, 2022 in order to focus more on the strategic direction and management of the
Company as an executive Director. Mr. Dalanguerban confirmed that he has no disagreement
with the Board or the senior management of the Company, and there is no matter relating to
his ceasing to act as the Chief Executive Officer that needs to be brought to the attention of
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the Shareholders. Following Mr. Dalanguerban’s resignation as the Chief Executive Officer,
Mr. Wang has been appointed as the Chief Executive Officer with effect from September 8,
2022.
APPOINTMENT OF CHIEF FINANCIAL OFFICER AND SENIOR VICE PRESIDENT OF
FINANCE
The Board announces that: (i) Mr. Ho has been appointed as Chief Financial Officer (formerly,
the acting Chief Financial Officer ); and (ii) Ms. Zhu has been appointed as the Senior Vice
President of Finance; in each case with effect from September 8, 2022.
About SouthGobi
SouthGobi, 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. SouthGobi produces
and sells coal to customers in China.
Contact:
Investor Relations
Office: +852 2156 1438 (Hong Kong)
+1 604 762 6783 (Canada)
Email: [email protected]
Website: www.southgobi.com