Change Of Non-Executive Directors; Resignation of Executive Director; Change of Composition of Board Committee; And Change of Authorized Representative

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[{"type":"text","content":"Change Of Non-Executive Directors; Resignation of Executive Director; Change of Composition of Board Committee; And Change of Authorized RepresentativeVANCOUVER, BC / ACCESSWIRE / December 6, 2022 / SouthGobi Resources Ltd. (TSX:SGQ)(HK:1878) (\"SouthGobi\" or the \"Company\") announces that is pleased to announce the following changes in the composition of the Company's board (the \"Board\") of directors (the \"Director(s)\"), with effect from December 6, 2022: (i) Mr. Zhiwei Chen (\"Mr. Chen\") and Ms. Ka Lee Ku (\"Ms. Ku\") have resigned as non-executive Directors; (ii) Mr. Zhu Gao (\"Mr. Gao\"), Mr. Gang Li (\"Mr. Li\") and Mr. Chen Shen (\"Mr. Shen\") have been appointed as non-executive Directors; (iii) Mr. Dalanguerban (\"Mr. Dalanguerban\") has resigned as an executive Director and the authorized representative of the Company (the \"Authorized Representative\") under Rule 3.05 of the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (the \"Hong Kong Listing Rules\") and ceased to be a member of the operations committee of the Board (the \"Operations Committee\"), but will continue to serve as the President of the Company and its wholly-owned subsidiary in Mongolia; and (iv) Mr. Dong Wang (\"Mr. Wang\"), the executive Director and Chief Executive Officer of the Company, has been appointed as the Authorized Representative.i. RESIGNATION OF NON-EXECUTIVE DIRECTORSAs disclosed in the Company's announcement dated November 29, 2022, Novel Sunrise Investments Limited (\"Novel Sunrise\"), a wholly-owned subsidiary of China Cinda (HK) Asset Management Co., Limited, one of the substantial shareholders of the Company, completed the sale of all of its interests in the Company (the \"Sale Transaction\") to Land Grand International Holding Limited (\"Land Grand\").Mr. Chen and Ms. Ku have resigned as non-executive Directors with effect from December 6, 2022. Both Mr. Chen and Ms. Ku were nominated by Novel Sunrise for appointment as the Company's non-executive Directors, pursuant to the contractual director nomination right granted in favor Novel Sunrise in connection with the Subscription Agreement entered into between Novel Sunrise and the Company in 2015 (the \"Subscription Agreement\").Each of Mr. Chen and Ms. Ku confirmed that he/she has no disagreement with the Board or the senior management of the Compan...

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