Steppe Gold Limited (TSX: STGO) –Completes First Tranche & Provides Board Update 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) –Completes First Tranche & Provides Board Update
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]
STEPPE GOLD COMPLETES FINAL TRANCHE OF FINANCING AND PROVIDES
UPDATE ON BOARD CHANGES
TORONTO -- Steppe Gold Limited (TSX: STGO) (the “Company” or “Steppe
Gold”) is pleased to announce that following the approval of shareholders
of the Company at the special meeting of shareholders held on August 23,
2019 (the “Special Meeting”) it has completed the second and final
tranche of its previously announced private placement (the “Offering”)
issuing US$3.04 million principal amount of 10% two year unsecured
convertible debentures (“Debentures”) bringing the aggregate principal
amount of debentures issued under the Offering to $8.44 million.
The Debentures will bear interest from the date of closing at 10% per annum,
calculated and payable semi-annually in arrears on June 30 and December 31
in each year, commencing on December 31, 2019 and will mature on August
27, 2021.
The Debentures will be unsecured obligations of the Company and rank pari
passu in right of payment of principal and interest with all other Debentures
issued under the Offering.
The Debentures will be convertible at the option of the holder into common
shares of the Company at any time prior to the close of business on the
maturity date at a conversion price of US$0.52 (Approx. C$0.70) per common
share. The Company has the right to accelerate the conversion of the
Debentures in the event the closing price of the common shares on the
Toronto Stock Exchange exceeds C$2.00 for any period of 30 consecutive
trading days.
The Debentures and any Common Shar es issuable upon conversion or
exercise thereof, as applicable, will be subject to a statutory hold period
lasting four months and one day following the date of issuance.
The Company is also pleased to confirm the election of Ms Sereenen Jargalan
as a director of the Company at the Special Meeting and the subsequent
appointment of Mr. Steve Haggarty to the Board, the nominee of the
Company’s financing partner, Triple Flag Mining Finance.
With a mining career spanning nearly four decades, Mr Haggarty’s industry
experience includes 24 years in operations and 14 years in corporate and
EPCM-related roles. Most recently, Mr Haggarty was Senior Director,
Metallurgy at Barrick Gold Corp. In this role, he was responsible for
operational performance improvements, defining GeoMet models,
processing strategy and risk mitigation. Mr Haggarty has worked at multiple
mine sites around the world, including as General Manager of Barrick
CAPITALIZATION
BOARD OF DIRECTORS
TSX: STGO
August 27, 2019
Steppe Gold Limited (TSX: STGO) –Completes First Tranche & Provides Board Update
TSX: STGO
DEVELOPMENT AND FINANCING UPDATE
August 27, 2019
2
Gold’s Veladero heap leach project in Argentina. He is considered a technical leader in heap leach processing,
implementation and optimization.
Following the election of Ms Jargalan and the appointment of Mr Haggarty, the Board is now comprised of
Matthew Wood, Aneel Waraich, Bataa Tumur-Ochir, Patrick Michaels, Zamba Batjargal, Batkhuu Budnyam,
Sereenen Jargalan and Steve Haggarty.
“We are very pleased to welcome Ms Jargalan and Mr Haggarty as new directors. Ms Jargalan is a very highly
regarded expert in mineralogy and geology and she brings significant and deep technical mining expertise focused
on Mongolia. Mr Haggarty brings a wealth of relevant technical and strategic mining experience to the
Company. Both Ms Jargalan and Mr Haggarty are great additions to our team as we approach first gold production
and progress the Feasibility Study for a proposed 150,000 oz gold per annum expansion at the ATO Project” said
Matthew Wood, Chairman of Steppe Gold.
ABOUT STEPPE GOLD LTD.
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 staged
Altan Tsaagan Ovoo Gold Project where a heap leach development has been completed.
ADR Plant Stormwater Pond
Cell 1 & 2