Steppe Gold Ltd. Completes Acquisition of Growth-Oriented Mining Company, Anacortes Mining Corp.
Steppe Gold Ltd. Completes Acquisition of
Growth-Oriented Mining Company, Anacortes
Mining Corp.
Ulaanbaatar, Mongolia--(Newsfile Corp. - June 29, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX:
STPGF) (FSE: 2J9) (the "
Company
" or "
Steppe
") is pleased to announce the successful completion of
the previously announced plan of arrangement (the "
Arrangement
") between Steppe and Anacortes
Mining Corp. ("
Anacortes
"), whereby Steppe has acquired all of the issued and outstanding common
shares of Anacortes (the "
Anacortes Common Shares
"), effective June 28, 2023.
Under the terms of the Arrangement, Anacortes shareholders are entitled to 0.4532 of a Steppe
common share ("
Steppe Share
") for each Anacortes Common Share previously held. The outstanding
vested in-the-money Anacortes options were exercised into Anacortes Common Shares on a cashless
basis and such Anacortes Common Shares were exchanged for Steppe Shares. Further, all of the out-
of-the-money Anacortes options were cancelled without payment. The outstanding Anacortes warrants
were cancelled and exchanged for the applicable warrant consideration, pursuant to the plan of
arrangement.
Steppe Chairman and CEO, Bataa Tumur-Ochir, commented, "We warmly welcome Anacortes
shareholders as they become part of Steppe. The strategic location of the high grade Tres Cruces
deposit, coupled 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.
"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 was approved at the special meeting of Anacortes shareholders held on June 19,
2023, and by the Supreme Court of British Columbia on June 21, 2023.
As a result of the closing of the
Arrangement, the Anacortes Common Shares are expected to be delisted from the TSX Venture
Exchange at the close of trading on or about June 29, 2023.
Steppe intends to cause Anacortes to apply to the relevant regulatory authorities to cease to be a
reporting issuer in the provinces of Canada in which it is a reporting issuer, such provinces being British
Columbia, Alberta and Ontario.
Further information on the Arrangement is set out in the management information circular of Anacortes
dated May 17, 2023, which is filed under Anacortes's profile on the SEDAR website at
www.sedar.com
.
Advisors
Fasken Martineau DuMoulin LLP acted as legal counsel to Steppe, and Maxit Capital LP acted as
financial advisor to Steppe.
About Steppe
Steppe is Monglia's premier precious metals company.
For further information, please contact:
Bataa Tumur-Ochir
Chairman and Chief Executive Officer
Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
Notice Regarding Forward-Looking Statements
This news release includes certain statements that constitute "forward-looking statements", and
"forward-looking information" within the meaning of applicable securities laws collectively "forward-
looking statements". These include statements regarding Steppe's intent, or the beliefs or current
expectations of the officers and directors of Steppe, post-closing. When used in this news release,
words such as "anticipate", "believe", "estimate", "expect", "forecast", "forward", "future", "outlook",
"plan", "intend" and similar expressions are intended to identify these forward-looking statements as well
as phrases or statements that certain actions, events or results "could", "may", "should", "will", "would" or
the negative connotation of such terms. As well, forward-looking statements may relate to future outlook
and anticipated events, such as delisting the Anacortes Common Shares from the TSX Venture
Exchange, submitting an application for Anacortes to cease to be a reporting issuer, the market position
of Steppe as a result of the Arrangement and the benefits to Steppe's stakeholders as a result of the
Arrangement. These forward-looking statements involve numerous risks and uncertainties, including
those relating to required regulatory approvals and such other risk factors detailed from time to time in
Steppe's public disclosure documents including, without limitation, those risks identified in Steppe's
annual information form for the year ended December 31, 2022, which is available on SEDAR at
www.sedar.com
. Forward-looking statements are based on information available at the time those
statements are made and/or management's good faith belief as of that time with respect to future events
and are subject to risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements. Forward-looking
statements speak only as of the date those statements are made. Except as required by applicable law,
Steppe assumes no obligation to update or to publicly announce the results of any change to any
forward-looking statement contained or incorporated by reference herein to reflect actual results, future
events or developments, changes in assumptions or changes in other factors affecting the forward-
looking statements. If Steppe updates any one or more forward-looking statements, no inference should
be drawn that the company will make additional updates with respect to those or other forward-looking
statements. All forward-looking statements contained in this news release are expressly qualified in their
entirety by this cautionary statement.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/171762