Business
Steppe Gold Announces $15 Million Strategic Investment by Eric Sprott to Accelerate Growth
Ulaanbaatar, Mongolia--(Newsfile Corp. - July 9, 2020) -  Steppe Gold Ltd. (TSX: STGO) ...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces $15 Million Strategic Investment by Eric Sprott to Accelerate GrowthUlaanbaatar, Mongolia--(Newsfile Corp. - July 9, 2020) -  Steppe Gold Ltd. (TSX: STGO) (\"Steppe Gold\" or the \"Company\") is pleased to announce a non-brokered private placement of approximately C$15.0 million (the \"Private Placement\"), through the sale of 6,976,944 subscription receipts (the \"Subscription Receipts\") at a price of $2.15 per Subscription Receipt, subject to the approval of the Toronto Stock Exchange and, if required, shareholder approval. Each Subscription Receipt will convert into units (the \"Units\"), consisting of one common share and one common share purchase warrant, exercisable into one common share at an exercise price of $3.00 per common share for a period of 24 months from the closing date. Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him, is subscribing for the entirety of the Private Placement. Matthew Wood, Executive Chairman of Steppe Gold stated \"On behalf of the Board and the Management of Steppe Gold, I am delighted to welcome Mr. Sprott's initial investment. His support serves as a strong endorsement for Steppe Gold's exciting gold assets.\"The net proceeds of the Private Placement will be used by the Company to advance their exploration and development projects as well as for working capital and general corporate purposes. Proceeds from the Private Placement will be placed in escrow on the closing date, to be released to Steppe Gold on the receipt of all necessary shareholder and regulatory approvals (the \"Approvals\"). On conversion, each subscription receipt will automatically convert into a Unit, for no additional consideration. In the event that the Approvals are not obtained by October 31, 2020, each Subscription Receipt will be cancelled, and the subscription funds will be returned. Mr. Sprott currently does not own any common shares of Steppe Gold.All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date under applicable securities laws in Canada.This news release does not constitute an offer to sell or a solicitation of an offer to purchase any securities in the United States. The securities being offered in the Private Placement have not been and will not be registered unde...