Steppe Gold Limited (TSX: STGO) – Amendment to Stream and payment of Promissory Note 1 TSX Symbol: STGO Total Basic Shares O/S (M): 41.6 MATTHEW WOOD Chairman, President and CEO BATAA TUMUR-OCHIR Director and Executive Vice President Mongolia
Steppe Gold Limited (TSX: STGO) – Amendment to Stream and payment of Promissory
Note
1
TSX Symbol: STGO
Total Basic Shares O/S (M): 41.6
MATTHEW WOOD
Chairman, President and CEO
BATAA TUMUR-OCHIR
Director and Executive Vice President Mongolia
ANEEL WARAICH
Director and Executive Vice President
PATRICK MICHAELS
Director
DR. ZAMBA BATJARGAL
Director
SEREENEN JATGJARGAL
Director
BATKHUU BUDNYAM
Director
STEVE HAGGARTY
Director
CONTACT INFORMATION
THE COMPANY’S HEAD OFFICE:
Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
TORONTO OFFICE:
90 Adelaide Street. W, Suite 400 Toronto, ON
M5H 3V9,
Canada
Tel: +1 647 697 0577
TRANSFER AGENT:
Lori Winchester
Senior Relationship Manager, Client
Management
Phone: +1 416 607-7898
Cell: +1 416 671-4558
Email: [email protected]
TORONTO -- Steppe Gold Limited (TSX: STGO) (the “Company” or “Steppe
Gold”) is pleased to announce that it has entered into an agreement to
amend (the “Amendment”) the terms of its existing gold stream with Triple
Flag Mining Finance Bermuda Ltd. (“Triple Flag Bermuda”).
Under the terms of the amendment Triple Flag Bermuda advanced an
additional deposit of US$5 million to Steppe Gold, bringing the total amount
advanced to Steppe Gold by Triple Flag Bermuda under the gold stream to
US$28 million.
The proceeds received from Triple Flag Bermuda were used to repay the final
US$5 million promissory note issued as part of the purchase price for the
acquisition by the Company of the ATO Project. The purchase price for the
ATO Project has now been paid in full.
As consideration for the additional advance of US$5 million, the parties agreed
to reduce the variable gold and silver price payable by Triple Flag Bermuda on
delivery of gold and silver from 30% to 17% of the relevant market price. As
additional consideration, Steppe West LLC, a wholly owned subsidiary of
Steppe Gold, granted a 3% net smelter returns royalty to a subsidiary of Triple
Flag Bermuda on minerals derived from the Uudam Khundii property owned
by Corundum Geo LLC, an 80% owned subsidiary of Steppe West LLC.
ABOUT STEPPE GOLD
Steppe Gold Steppe Gold is a precious metals development company with
an aggressive growth strategy to build Steppe Gold into the premier
precious metals company in Mongolia. The Company owns 100% of the
advanced stage Altan Tsaagan Ovoo Gold Project where a heap leach
development has been completed.
CAPITALIZATION
BOARD OF DIRECTORS
TSX: STGO
September 30, 2019