The terms of the convertible debenture provide for the 1.6% share interest payment of $4,000 to be paid annually in common shares of the Company. As a result of the Foreign Investment Law, the Company expected it would require parliamentary approval for the shares to be issued for the November 19, 2012 share interest payment. Subsequent to December 31, 2012, the Company settled the 1.6% share interest payment of $4,000 in cash.
13. ACCUMULATED DEFICIT AND DIVIDENDS
At December 31, 2011, the Company has accumulated a deficit of $501,934 (2011: $398,820). No dividends have been paid or declared by the Company since inception.
REVIEW OF RESULTS AND RELEASE OF AUDITED RESULTS
The consolidated financial statements for the Company for the year ended December 31, 2012, were reviewed by the Audit Committee of the Company.
The figures in respect of the Company's consolidated statement of financial position, consolidated statement of comprehensive income and the related notes thereto for the year ended December 31, 2012, as set out in the Fourth Quarter and Full Year 2012 Financial and Operating Results have been agreed by the Company's auditor, PricewaterhouseCoopers LLP ("PwC"), to the amounts set out in the Company's audited consolidated financial statements for the year. The work performed by PwC in this respect did not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants and consequently no assurance has been expressed by PwC on the Fourth Quarter and Full Year 2012 Financial and Operating Results announcement.
SouthGobi's results for the year ended December 31, 2012, are contained in the audited Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), which will be available on March 25, 2013 on the SEDAR website at www.sedar.com and SouthGobi's website at www.southgobi.com. Copies of SouthGobi's 2012 Annual Report, containing the audited financial statements and MD&A, and the Annual Information Form ("AIF") will be available at www.southgobi.com under the corporate page. Shareholders with registered addresses in Hong Kong who have elected to receive a copy of SouthGobi's Annual Report will receive one. Other shareholders may request a hard copy of the Annual Report free of charge by contacting our investor relations department by phone at +852 2156 7022 or +1 604 681 6799 or by email at firstname.lastname@example.org.
ABOUT SOUTHGOBI RESOURCES
SouthGobi Resources is listed on the Toronto and Hong Kong stock exchanges, in which Turquoise Hill Resources Ltd., also publicly listed in Toronto and New York, has a 58% shareholding. Turquoise Hill took management control of SouthGobi in September 2012 and made changes to the board and senior management. Rio Tinto has a majority shareholding in Turquoise Hill.
SouthGobi Resources is focused on exploration and development of its metallurgical and thermal coal deposits in Mongolia's South Gobi Region. It has a 100% shareholding in SouthGobi Sands LLC, the Mongolian registered company that holds the mining and exploration licenses in Mongolia and operates the flagship Ovoot Tolgoi coal mine. Ovoot Tolgoi produces and sells coal to customers in China.
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