Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
MONGOLIA ENERGY CORPORATION LIMITED(Incorporated in Bermuda with limited liability)
(Stock Code: 276) ANNOUNCEMENT TERMINATION OF A MAJOR AND CONNECTED TRANSACTION RELATING TO ACQUISITION OF RESOURCES IN XINJIANG, THE PRC AND OPERATION UPDATE
This announcement is made by the Company pursuant to Rule
14.36 of the Listing Rules. The Company refers to the
announcement of 31 March 2011 in relation to the grant of
extension of time to Mr. Liu for completion of the
Transaction to on or before 31
December 2011.
As the condition precedent under the Transaction remained
outstanding by the deadline of the extension, the Board has
resolved to exercise its right to terminate the Transaction
effective on 5 January 2012.
The approval for the use of the Khushuut Road of
approximately 311 km from the Khushuut Mine Site stretching
westward to the Yarant Border (Mongolia side) and Takeshenken
Border (Xinjiang side) was granted by the Mongolian
government in December 2011, and the Company can formally use
the Khushuut Road for coal transportation. The Company has
already commenced transporting coal products from our Mine
via the Khushuut Road to Xinjiang shortly after the
approval.
This announcement is made by Mongolia Energy Corporation
Limited (the "Company") pursuant to Rule 14.36 of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited (the "Listing Rules").
The Company refers to the announcement of 31 March 2011 in
relation to the grant of extension of time to Mr. Liu Cheng
Lin ("Mr. Liu") for completion of the Transaction relating to
the acquisition of resources in Xinjiang, the People's
Republic of China, to on or before 31
December 2011.
As the condition precedent under the Transaction, namely, the
availability of the mining licence in respect of the
Concession Area in Ruoqiang County, Xinjiang, the People's
Republic of China, remained outstanding by the deadline of
the extension, the board of directors of the
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Company (the "Board") has resolved to exercise its right
under the conditions of the extension to terminate the
Transaction effective on 5 January 2012. As the Transaction
is terminated, the Company has issued a notice to Mr. Liu
requesting refund of the payment of HK$200 million paid by
the Company to the Joint Venture controlled by Mr. Liu under
the Transaction to be made within 30 days from the date of
this announcement. The Company will take appropriate steps to
enforce if the refund is not made by Mr. Liu or the Joint
Venture within the period stated in the notice.
According to the best knowledge of the Company, Mr. Liu
ceased to be a substantial shareholder of the Company under
the meaning of Listing Rules on 28 March 2011.
Operation Update
The approval for the use of the Khushuut Road of
approximately 311 km from the Khushuut Mine Site stretching
westward to the Yarant Border (Mongolia side) and Takeshenken
Border (Xinjiang side) was granted by the Mongolian
government in December 2011, and the Company can formally use
the Khushuut Road for coal transportation. The Company has
already commenced transporting coal products from our Mine
via the Khushuut Road to Xinjiang shortly after the
approval.
By Order of the Board Mongolia Energy Corporation Limited
Tang Chi Kei
Company Secretary
Hong Kong, 5 January 2012
As at the date hereof, the Board comprises seven Directors, of which Mr. Lo Lin Shing, Simon, Mr. Liu Zhuo Wei and Ms. Yvette Ong are executive Directors, Mr. To Hin Tsun, Gerald is a non-executive Director and Mr. Peter Pun OBE. JP, Mr. Tsui Hing Chuen, William JP and Mr. Lau Wai Piu are independent non-executive Directors.
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distribué par | Ce noodl a été diffusé par MEC - Mongolia Energy Corporation Limited. Il a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-05 12:22:32 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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Termination of a Major and Connected Transaction Relating to Acquisition of Resources in Xinjiang, the PRC and Operation Update |