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SouthGobi Resources ( (TSE:SGQ) ) has provided an update.
SouthGobi Resources Ltd. announced that its Mongolian subsidiary, Southgobi Sands LLC, has secured a loan of up to RMB 235 million from Khan Bank JSC. This loan, with a term of 18 months and an interest rate of 10% per annum, is intended to support the company’s working capital, operating expenses, and settlement of accounts payable. The loan is secured by pledges over both immovable and movable assets of SGS, including mining licenses and infrastructure. This financial move is significant for SouthGobi as it facilitates continued operations and financial stability, while JD Zhixing Fund L.P. has agreed to waive certain rights to enable this transaction.
More about SouthGobi Resources
SouthGobi Resources Ltd. is a company operating under the laws of British Columbia, Canada, with a focus on mining operations in Mongolia. Its primary activities involve the extraction and sale of coal, with a significant market presence in the Asian region.
For a thorough assessment of SGQ stock, go to TipRanks’ Stock Analysis page.