Business
Steppe Gold Announces Anacortes Mining Shareholders Approve Plan of Arrangement
Ulaanbaatar, Mongolia--(Newsfile Corp. - June 19, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: ST...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Anacortes Mining Shareholders Approve Plan of ArrangementUlaanbaatar, Mongolia--(Newsfile Corp. - June 19, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (\"Steppe Gold\") and Anacortes Mining Corp. (TSXV: XYZ) (OTCQX: XYZFF) (\"Anacortes\", together with Steppe Gold, the \"Companies\") are pleased to announce that the shareholders of Anacortes (the \"Anacortes Shareholders\") approved the previously announced acquisition by Steppe Gold of all of the issued and outstanding common shares of Anacortes (each, an \"Anacortes Share\") by way of a court-approved plan of arrangement (the \"Arrangement\") under the Business Corporations Act (British Columbia) at a special meeting of Anacortes Shareholders held on June 19, 2023.Under the terms of the Arrangement, Anacortes Shareholders will receive 0.4532 (the \"Exchange Ratio\") of a common share of Steppe Gold (each, a \"Steppe Common Share\") for each Anacortes Share held. Outstanding Anacortes warrants will be cancelled and exchanged for the applicable warrant consideration, and vested in-the-money Anacortes options will be exercised into Anacortes Shares on a cashless basis and such Anacortes Shares will be exchanged for Steppe Common Shares. All of the out-of-the-money Anacortes options will be cancelled without payment.The detailed voting results regarding the special resolution to approve the Arrangement are as follows:A total of 20,059,716 Anacortes Shares were voted, representing 47.11% of the total issued and outstanding Anacortes Shares. Of the votes cast, 19,933,703 Anacortes Shares, or 99.37%, were voted in favour of the resolution.Of the votes cast by minority shareholders (being those Anacortes Shares beneficially owned or controlled by shareholders other than James A. Currie, whose votes must be excluded from the minority vote in accordance with Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions), 19,350,370 Anacortes Shares, or 99.35%, were voted in favour of the resolution.Completion of the Arrangement remains subject to receipt of the final order (the \"Final Order\") of the Supreme Court of British Columbia and approval of the Toronto Stock Exchange and the TSX Venture Exchange (the \"TSXV\"), and certain other customary closing conditions. The application for the Final Order is sched...