May 16, 2016 / 12:02 PM / a year ago

BRIEF-SouthGobi Resources Q1 revenue $12.7 mln vs $1.6 mln

May 16 (Reuters) - SouthGobi Resources Ltd :

* Sold 0.88 million tonnes of its coal products during quarter compared to 0.18 million tonnes in q1 of 2015

* Production for q1 of 2016 was 0.37 million tonnes

* Continues to operate under difficult market conditions as prices for coal remained weak in china through q1

* Southgobi resources ltd qtrly loss per share $0.06

* Company has decided to advance funding plan rather than additional equity placements

* Consolidated financial statements prepared on going concern basis assumes co will continue operating until at least march 31, 2017

* In order to continue as a going concern, company must generate sufficient operating cash flows, secure additional capital

* “had limited cash of $0.4 million at march 31, 2016 and anticipates that coal prices in china will remain under pressure in 2016”

* Company is actively seeking prepaid coal offtake agreements and other additional sources of financing to continue operating

* Co is unlikely to have sufficient capital resources or cash flows from mining operations in order to satisfy ongoing obligations

* Co, together with strategic partner, novel sunrise investments limited has developed and continues to execute a funding plan

* Continues to execute funding plan to pay trq loan, short-term bridge loan and interest due under cic convertible debenture

* Southgobi resources announces first quarter 2016 financial and operating results

* Q1 revenue $12.7 million versus $1.6 million Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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