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This class action has been certified. Please see the Developments section below for further details.

In January 2014 Siskinds LLP filed a proposed class proceeding in the Ontario Superior Court of Justice against SouthGobi Resources Ltd., (“SouthGobi”) (TSX: SGQ, SEHK: 1878), certain of SouthGobi’s current and former directors and senior officers and SouthGobi’s former auditor.

Subject to certain exclusions, the proposed class includes all persons and entities who acquired securities of SouthGobi from March 30, 2011 to November 7, 2013.

The action alleges, among other things, that certain of SouthGobi’s continuous disclosure documents contained misrepresentations concerning SouthGobi’s financial position and financial performance.

Developments

On December 20, 2018, the Court certified this proceeding as a class action on behalf of a group of investors who acquired SouthGobi Resources Ltd. securities during the period of March 30, 2011 through November 7, 2013. Please review the detailed notice available below for a full description of the Class, as well as important information about this class action and your rights, if applicable.

Long-Form Notice of Certification and Opt-Out Procedure

If you are a Class Member, as defined in the notice, you are automatically included in the class action and you will stand to participate in the outcome of the class action when it may be resolved. If you are a Class Member, as defined in the notice, and wish to participate in this class action, you are not required to do anything at this time. Class Counsel will publish further information in the future when it becomes available.

If you wish to exclude yourself from the class action, you must opt out of the class action by no later than 5:00 p.m. EST on Wednesday, December 4, 2019 (“Opt-Out Deadline) in accordance with the procedure set out in the notice. Investors who opt out and exclude themselves from the class action will not be eligible to participate in the resolution of the action when it may be resolved in the future.

FAQs

What is a Class Action?

A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

Who is affected by the SouthGobi class action?

You are affected by this proposed class action and may be a “member” of the proposed class if you acquired SouthGobi’s securities from March 30, 2011 through to November 7, 2013, inclusive, and continued to hold some or all of those securities as of the close of trading on November 7, 2013.

Do I have to pay anything to participate in the class action?

No. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action on behalf of the class members. In certifying the lawsuit as a class action, the court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions). After the court certifies the lawsuit as a class action, usually, notices will be disseminated to the class members. These notices will advise the class members that the lawsuit has been certified, and they will also set out the issues that the court will be asked to determine on behalf of the class members. At this stage, the court will also fix a time period during which the class members may exclude themselves from the class action lawsuit by filing an “opt-out” form. Class members who do not opt out from the class action by the deadline that will be fixed by the court will be bound by the outcome of the class action.

How can I join the class action?

There are no steps required to “join” this class action. Assuming you fall within the scope of the class definition, you would be automatically included in the class action if it is certified unless you opt out when and as told you can. Notices will be issued to the affected persons after the court certifies the class action.

Can I exclude myself from the class action?

Yes. After the class action is certified, you will be given an opportunity to opt out (exclude yourself from the class action). If you opt out, you will not be able to participate in any settlement or court award achieved in the class action, but you may be able to pursue your claim on an individual basis. Generally speaking, the class members would only want to opt out of a class action if they intend to bring individual litigation. In most circumstances, it is more cost effective to participate in a class action because the legal costs are spread over a large number of people, making it more economic for any individual class member to obtain relief.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any purchases and sales of the securities of SouthGobi.
  2. Register with Siskinds in order to receive updates about this proposed class action by filling out the form below. By submitting your information to Siskinds you do not retain Siskinds as your lawyers, nor do you incur costs in connection with this class action.
  3. While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the courts, and will need to be adhered with in order to protect your rights.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

On December 20, 2018, the Court certified this proceeding as a class action on behalf of a group of investors who acquired SouthGobi Resources Ltd. securities during the period of March 30, 2011 through November 7, 2013. Please review the detailed notice available below for a full description of the Class, as well as important information about this class action and your rights, if applicable.

Long-Form Notice of Certification and Opt-Out Procedure

If you are a Class Member, as defined in the notice, you are automatically included in the class action and you will stand to participate in the outcome of the class action when it may be resolved. If you are a Class Member, as defined in the notice, and wish to participate in this class action, you are not required to do anything at this time. Class Counsel will publish further information in the future when it becomes available.

If you wish to exclude yourself from the class action, you must opt out of the class action by no later than 5:00 p.m. EST on Wednesday, December 4, 2019 (“Opt-Out Deadline) in accordance with the procedure set out in the notice. Investors who opt out and exclude themselves from the class action will not be eligible to participate in the resolution of the action when it may be resolved in the future.

What is a Class Action?

A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Such people are commonly referenced as “class members.” Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

Who is affected by the SouthGobi class action?

You are affected by this proposed class action and may be a “member” of the proposed class if you acquired SouthGobi’s securities from March 30, 2011 through to November 7, 2013, inclusive, and continued to hold some or all of those securities as of the close of trading on November 7, 2013.

Do I have to pay anything to participate in the class action?

No. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

What does “certification” mean?

Certification is the motion where the court determines whether the action can properly be pursued as a class action on behalf of the class members. In certifying the lawsuit as a class action, the court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions). After the court certifies the lawsuit as a class action, usually, notices will be disseminated to the class members. These notices will advise the class members that the lawsuit has been certified, and they will also set out the issues that the court will be asked to determine on behalf of the class members. At this stage, the court will also fix a time period during which the class members may exclude themselves from the class action lawsuit by filing an “opt-out” form. Class members who do not opt out from the class action by the deadline that will be fixed by the court will be bound by the outcome of the class action.

How can I join the class action?

There are no steps required to “join” this class action. Assuming you fall within the scope of the class definition, you would be automatically included in the class action if it is certified unless you opt out when and as told you can. Notices will be issued to the affected persons after the court certifies the class action.

Can I exclude myself from the class action?

Yes. After the class action is certified, you will be given an opportunity to opt out (exclude yourself from the class action). If you opt out, you will not be able to participate in any settlement or court award achieved in the class action, but you may be able to pursue your claim on an individual basis. Generally speaking, the class members would only want to opt out of a class action if they intend to bring individual litigation. In most circumstances, it is more cost effective to participate in a class action because the legal costs are spread over a large number of people, making it more economic for any individual class member to obtain relief.

What should I do to protect my rights?

To protect your rights, you should:

  1. Keep records of any purchases and sales of the securities of SouthGobi.
  2. Register with Siskinds in order to receive updates about this proposed class action by filling out the form below. By submitting your information to Siskinds you do not retain Siskinds as your lawyers, nor do you incur costs in connection with this class action.
  3. While the class action is pending, notices will be disseminated to the class members advising that they should take certain steps by specific deadlines in order to preserve their rights. This information will also be made available on Siskinds’ website. These deadlines will usually be fixed by the courts, and will need to be adhered with in order to protect your rights.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

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