Steppe Gold Ltd (TSX:STGO, OTCQX:STPGF) has announced that Matthew Wood has resigned as a director of the company and its president Byambatseren Tsogbadrakh has joined the board, effective immediately.
The company thanked Wood for his contributions to the company.
“We are hugely grateful for Matt’s leadership of Steppe Gold, from the early days as a private company with a greenfield site in Eastern Mongolia,” Steppe Gold CEO Bataa Tumur-Ochir said in a statement.
“He was instrumental in all aspects of the development of the company, through the additional exploration phase and development strategy and the IPO in 2018.”
Tumur-Ochir said Wood is leaving the board to focus on his exploration ventures both in Mongolia and elsewhere. “We wish him every success in his future endeavors,” he said.
“We will look to refresh our board as we work to conclude the Boroo Gold acquisition, and we welcome our president, Byambatseren as a board member.”
In connection with Wood’s resignation, Steppe Gold intends to issue an aggregate of 2 million shares of the company at $0.78 each to settle all amounts owed to him, subject to customary approvals.
Steppe Gold is Mongolia’s premier precious metals company and 100% owner of the ATO gold mine and the Uudam Khundii project in Mongolia.