On April 23, 2015, Turquoise Hill Resources Ltd. (TRQ) announced that it had completed the sale of 48,705,155 common shares that it owned in the capital of SouthGobi Resources Ltd. ("SouthGobi"), an integrated coal mining, development and exploration company operating in Mongolia, to Novel Sunrise Investments Limited (NSI), for approximately C$17m. Half of the aggregate purchase price, representing approximately C$8.5m, was received by TRQ at closing and the balance of approximately C$8.5m is payable on the first anniversary of the closing of the transaction. The transaction was effected under the “private agreement” exemption under the Canadian takeover bid regime.
TRQ was represented by Dustin S. Isaacs, General Counsel and Corporate Secretary, acting as in-house counsel; and by Norton Rose Fulbright Canada LLP, with a team led by Elliot Shapiro and also comprised of Steve Malas and Sandro Muzzo (Corporate, M&A and Securities). Jon Perry, Emma de Ronde and Nicholas Wilson of Norton Rose Fulbright's Hong Kong office advised on Hong Kong stock exchange and securities regulatory matters.