Business
Steppe Gold Ltd. Completes Acquisition of Growth-Oriented Mining Company, Anacortes Mining Corp.
Ulaanbaatar, Mongolia--(Newsfile Corp. - June 29, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: ST...
About this update from Steppe Gold Ltd.
[{"type":"text","content":"Steppe Gold Ltd. Completes Acquisition of Growth-Oriented Mining Company, Anacortes Mining Corp.Ulaanbaatar, Mongolia--(Newsfile Corp. - June 29, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (the \"Company\" or \"Steppe\") is pleased to announce the successful completion of the previously announced plan of arrangement (the \"Arrangement\") between Steppe and Anacortes Mining Corp. (\"Anacortes\"), whereby Steppe has acquired all of the issued and outstanding common shares of Anacortes (the \"Anacortes Common Shares\"), effective June 28, 2023. Under the terms of the Arrangement, Anacortes shareholders are entitled to 0.4532 of a Steppe common share (\"Steppe Share\") for each Anacortes Common Share previously held. The outstanding vested in-the-money Anacortes options were exercised into Anacortes Common Shares on a cashless basis and such Anacortes Common Shares were exchanged for Steppe Shares. Further, all of the out-of-the-money Anacortes options were cancelled without payment. The outstanding Anacortes warrants were cancelled and exchanged for the applicable warrant consideration, pursuant to the plan of arrangement. Steppe Chairman and CEO, Bataa Tumur-Ochir, commented, \"We warmly welcome Anacortes shareholders as they become part of Steppe. The strategic location of the high grade Tres Cruces deposit, coupled with its excellent infrastructure, proximity to other mining operations and logistics, and the presence of a strong labor force, instills us with confidence in the project's potential.\"We are keen to move the Tres Cruces project forward, and we are focused on providing significant benefits for all stakeholders, with a particular focus on the communities in the region.\"The Arrangement was approved at the special meeting of Anacortes shareholders held on June 19, 2023, and by the Supreme Court of British Columbia on June 21, 2023. As a result of the closing of the Arrangement, the Anacortes Common Shares are expected to be delisted from the TSX Venture Exchange at the close of trading on or about June 29, 2023. Steppe intends to cause Anacortes to apply to the relevant regulatory authorities to cease to be a reporting issuer in the provinces of Canada in which it is a reporting issuer, such provinces being British Columbia, Alberta and Ontario.Further information on the Arrangement is set out in th...