By Devika Patel
Knoxville, Tenn., Jan. 18 - SouthGobi Energy Resources Ltd. will conduct another private placement of shares to raise C$31.5 million.
SouthGobi will sell 3.5 million common shares at C$9.00 apiece.
The company said on Jan. 7 it planned to sell 10 million common shares at C$8.00 each for C$80 million.
Proceeds from both deals 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, for development and for general corporate and administrative purposes.
Based in Vancouver, B.C., SouthGobi Energy 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.
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| Issue: | Common shares
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| Stock symbol: | TSX Venture: SGQ
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| Jan. 7 deal
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| Amount: | C$80 million
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| Shares: | 10 million
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| Price: | C$8.00
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| Warrants: | No
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| Pricing date: | Jan. 7
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| Stock price: | C$9.50 at close Jan. 4
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| Jan. 18 deal
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| Amount: | C$31.5 million
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| Shares: | 3.5 million
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| Price: | C$9.00
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| Warrants: | No
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| Pricing date: | Jan. 18
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| Stock price: | C$10.60 at close Jan 17
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