STGO:CC - Ellis Martin Report: Steppe Gold Ltd (STPGF) Steps into Peru with Acquisition of Anacortes Mining
You'll hear an update on the company's ATO Gold Mine in Mongolia as well as the following significant news establishing a strong gold footprint in Peru.
The company recently announced that they have entered into a binding letter of intent pursuant to which Steppe Gold, either directly or through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares of Anacortes Mining by way of a court approved plan of arrangement under the Business Corporations Act (British Columbia), in an all-share transaction (the "Transaction").
Under the terms of the Binding Agreement, Anacortes shareholders will receive 0.4532 of a Steppe Gold common share (each, a "Steppe Common Share") for each Anacortes Common Share, which represents consideration of approximately C$0.48 per Anacortes Common Share and a premium of 36% based on the closing prices of the Anacortes Common Shares on the TSX-V and the Steppe Common Shares on the TSX, each as of the close of trading on March 3, 2023. Shareholders of Steppe Gold and Anacortes will own 79% and 21% of the combined company, respectively, on a basic basis.
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About Steppe Gold Ltd:
Steppe Gold Ltd (TSE:STGO) (OTCMKTS:STPGF) (FRA:2J9) is Mongolia's premier precious metals company and is projected to produce over 100,000 ounces of gold from the current operational oxide zone of the ATO Gold Mine this year in 2022 and in 2023. The Company also completed a feasibility study into expansion of the ATO Gold Mine to approximately 100,000 ounces of gold per annum from the development of underlying fresh rock ores.
About The Ellis Martin Report:
The Ellis Martin Report (TEMR) is an internet based radio program showcasing potentially undervalued companies to an audience of potential retail investors and fund managers that comprise our listening audience. TEMR is broadcasted on the VoiceAmerica Business Channel and The Opportunity Radio Network. CEO and company interviews are paid for by those represented on the program.
Source:
Steppe Gold Ltd The Ellis Martin Report
Contact:
T: +1 647 697 0577
W: www.steppegold.com
E: aneel@steppegold.com