Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) said it has completed the plan of arrangement for its acquisition of Anacortes Mining Corp.
Under the terms of the arrangement, shareholders of Anacortes will receive 0.4532 of a Steppe common share for each previously held Anacortes common share.
Vested in-the-money Anacortes options were exercised into Anacortes Common Shares on a cashless basis and subsequently exchanged for Steppe Shares. Out-of-the-money Anacortes options were canceled without any payment. Furthermore, the outstanding Anacortes warrants were also canceled and exchanged for the relevant warrant consideration.
In a statement, Steppe Gold chairman and CEO, Bataa Tumur-Ochir, expressed his enthusiasm for the transaction, commenting: "We warmly welcome Anacortes shareholders as they become part of Steppe. The strategic location of the high-grade Tres Cruces deposit, along 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."
Tumur-Ochir also emphasized the company's commitment to benefiting all stakeholders, particularly the communities in the region, adding: "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 received approval at the special meeting of Anacortes shareholders held on June 19, 2023, and was subsequently sanctioned by the Supreme Court of British Columbia on June 21, 2023. As a result, Anacortes common shares are expected to be delisted from the TSX Venture Exchange upon the close of trading on or around June 29, 2023.
Steppe Gold is recognized as Mongolia's premier precious metals company.
Contact the author at jon.hopkins@proactiveinvestors.com