SouthGobi announces Voting Results of the Annual General Meeting and the election of non-executive director
VANCOUVER, British Columbia, June 29, 2018 (GLOBE NEWSWIRE) -- SouthGobi Resources Ltd. (TSX:SGQ) (HK:1878) (“SouthGobi” or the “Company”) is pleased to announce the voting results of the annual general meeting of the shareholders of the Company (the “Shareholders”) held in Vancouver, Canada on June 28, 2018 (the “AGM”), including the election of Ms. Lan Cheng as a non-executive director.
The majority of the Shareholders voted in favour of all resolutions at the AGM as set out in the Company’s Management Proxy Circular dated May 14, 2018 (the “Circular”), namely:
- Fixing the number of directors to be elected at the AGM at seven.
- The election of Messrs. Zhiwei Chen, Yingbin Ian He, Xiaoxiao Li, Mao Sun, Wen Yao and Mses. Lan Cheng and Jin Lan Quan as directors of the Company (the “Directors”) for the ensuing year.
- The appointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the Company for the ensuing year.
With respect to the election of Directors, each of the following seven nominees proposed by the management and listed in the Circular has been elected as a director of the Company until the next annual general meeting of Shareholders, or until such person’s successor is elected or appointed, with the following results:
|Zhiwei Chen||votes for:|
|Lan Cheng||votes for:|
|Yingbin Ian He||votes for:|
|Xiaoxiao Li||votes for:|
|Jin Lan Quan||votes for:|
|Mao Sun||votes for:|
|Wen Yao||votes for:|
At the AGM, Ms. Lan Cheng (“Ms. Cheng”), aged 37, was elected as a non-executive director of the Company with effect from June 28, 2018. Ms. Cheng is currently a vice president of CIC Capital Corporation (“CIC Capital”), a wholly owned subsidiary of China Investment Corporation and is responsible for evaluating investment opportunities in the metals and mining industry and post-investment management of CIC Capital’s existing portfolio assets in the same sector. Prior to joining CIC Capital in 2015, Ms. Cheng was the senior commercial specialist at Chinalco Rio Tinto Exploration Company, responsible for sourcing, evaluating and negotiating investment opportunities in the mining sector. Ms. Cheng has approximately 10 years’ experience working for various mining companies including Centerra Gold Inc., Sino Gold Mining Ltd. and Gold Fields Limited.
Ms. Cheng obtained her bachelor’s degree in hydrogeology in 2003 from the East China University of Technology in China. She obtained her master’s degree in economic geology in 2006 from the China University of Geosciences (Beijing) in China.
There is no specific term or proposed length of service for Ms. Cheng as non-executive director but Ms. Cheng will be subject to retirement and re-election at the annual general meeting of the Company in accordance with the articles of continuation of the Company. Consistent with existing Directors’ compensation, the director’s fees for Ms. Cheng will be determined by the board of directors of the Company (the “Board”) based on the recommendation of the Compensation and Benefits Committee of the Board, which is comprised of independent non-executive directors of the Company.
Messrs. Aminbuhe, Yulan Guo and Zhu Liu did not stand for re-election at the AGM. Following the conclusion of the AGM, Mr. Zhu Liu ceased to be an independent non-executive Director, the Chairman of the Compensation and Benefits Committee and a member of the Audit Committee, the Nominating and Corporate Governance Committee and the Health, Environment, Safety and Social Responsibility Committee. Mr. Yulan Guo ceased to be a non-executive Director and a member of the Health, Environment, Safety and Social Responsibility Committee. Mr. Aminbuhe ceased to be a non-executive Director.
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: Contact: Investor Relations Kino Fu Office: +852 2156 7030 Email: firstname.lastname@example.org Website: www.southgobi.com
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