By Devika Patel
Knoxville, Tenn., Jan. 7 - SouthGobi Energy Resources Ltd. will conduct a private placement of shares to raise C$80 million.
The company will sell 10 million common shares at C$8.00 each.
Proceeds will be used to finance initial development of an open-pit coal mine at SouthGobi's Ovoot Tolgoi coal project in southern Mongolia, for exploration, development, general corporate and administrative purposes.
Based in Vancouver, B.C., SouthGobi Energy Resources explores and develops its Permian-age metallurgical and thermal coal deposits in Mongolia's South Gobi region to supply coal products and electricity to markets in Mongolia and China.
| Issuer: | SouthGobi Energy Resources Ltd.
|
| Issue: | Common shares
|
| Amount: | C$80 million
|
| Shares: | 10 million
|
| Price: | C$8.00
|
| Warrants: | No
|
| Pricing date: | Jan. 7
|
| Stock symbol: | TSX Venture: SGQ
|
| Stock price: | C$9.50 at close Jan. 4
|
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