Steppe Gold Announces Shareholder Vote Date for Boroo Gold Acquisition in Mongolia
15.05.2024 | NewsDirect
Steppe Gold Chief Financial Officer Jeremy South joined Steve Darling from Proactive to share news about the company's plan to hold a shareholder vote on June 24th in Mongolia regarding the proposed acquisition of Boroo Gold. If approved, the transaction will involve Steppe Gold acquiring Boroo Gold in exchange for issuing common shares, resulting in Boroo Singapore holding 55.9% of Steppe Gold's issued and outstanding common shares.South highlighted the strategic benefits of the acquisition, including an increase in combined gold production to 90,000 ounces per annum by 2025 and 150,000 ounces of gold equivalent per annum by 2026. The transaction is expected to generate strong cash flow, enhance financial strength to support the ATO Gold Mine Phase 2 Expansion debt and project financing, fund exploration programs, and provide opportunities for further acquisitions in Mongolia. Additionally, the sale of the Tres Cruces Project will enhance liquidity and position Steppe Gold as a multi-asset producer with a focus on Mongolia.
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