BVI-incorporated company Novel Sunrise Investments Limited, which is the largest shareholder of SouthGobi Resources Ltd., entered into an Option Agreement with the private company Voyage Wisdom Limited. Under the terms of the agreement signed on April 15, 2016, the BVI company granted Voyage Wisdom an option to purchase, and Voyage Wisdom granted Novel Sunrise an option to sell 25,768,162 common shares of SouthGobi Resources, for a total price of US$24,000,000, or US$0.93138 per share, to be paid in cash. The option shares represent 10 per cent of the total number of common shares of SouthGobi, issued and outstanding.
Both options may be exercised by the companies in whole but not in part, at any time prior to April 21, 2016 or later as the parties may agree, but no later than October 21, 2016.
Currently, Novel Sunrise owns and controls 72,127,140 common shares of SouthGobi (including the above 10%), which represent 27.99 per cent of the total number of common shares of the company.
