Business
Steppe Gold Announces Mailing and Filing of Annual General and Special Meeting Materials in Connection with Proposed Transaction with Boroo Gold and Boroo Singapore
Ulaanbaatar, Mongolia--(Newsfile Corp. - May 13, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STP...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Announces Mailing and Filing of Annual General and Special Meeting Materials in Connection with Proposed Transaction with Boroo Gold and Boroo SingaporeUlaanbaatar, Mongolia--(Newsfile Corp. - May 13, 2024) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (\"Steppe Gold\") is pleased to announce that it has filed with the applicable Canadian securities regulatory authorities the management information circular dated May 8, 2024 and related meeting materials of Steppe Gold (the \"Meeting Materials\") for use at the annual general and special meeting (the \"Meeting\") of Steppe Gold shareholders (the \"Shareholders\") to be held in connection with the proposed transaction with Boroo Gold LLC (\"Boroo Gold\") and Boroo Pte Ltd. (\"Boroo Singapore\"), or one of its affiliates, as previously announced on April 11, 2024 (the \"Transaction\"). Steppe Gold has also mailed copies of the Meeting Materials to Shareholders entitled to vote on the Transaction at the Meeting.At the Meeting, Shareholders will be asked to consider and, if deemed advisable, to approve the Transaction. If the Transaction is completed: (i) Steppe Gold will acquire all of the issued and outstanding shares of Boroo Gold in return for the issuance of that number of common shares in the capital of Steppe Gold (\"Common Shares\") that would result in Boroo Singapore, directly or indirectly, holding 55.9% of the issued and outstanding Common Shares (calculated on a fully diluted basis); and (ii) Boroo Singapore will acquire the Tres Cruces Oxide Project (the \"Tres Cruces Project\") by purchasing all of the issued and outstanding shares of two of Steppe Gold's indirect, wholly-owned subsidiaries for aggregate cash consideration of approximately CAD$12 million.THE STEPPE GOLD BOARD OF DIRECTORS HAS UNANIMOUSLY DETERMINED THAT THE TRANSACTION IS IN THE BEST INTERESTS OF STEPPE GOLD AND UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE IN FAVOUR OF THE TRANSACTION.Benefits of the TransactionThe Transaction is expected to provide meaningful benefits to Shareholders, including:Increased combined gold production to 90,000 oz per annum in 2025 and 150,000 oz gold equivalent per annum by 2026. Strong cash flow and increased financial strength to service ATO Gold Mine Phase 2 Expansion debt and project financing.Funding for exploration programs and further acquis...