- Steppe (STGO) finalizes C$12.1M private placement including management and renowned investor, Eric Sprott
- The funds will be allocated toward phase 2 expansion at the ATO Gold Mine
- Sprott acquired C$1M in shares, while President and CEO Bataa Tumur-Ochir picked up C$2M
- Steppe Gold is Mongolia’s premier precious metals company
- Steppe Gold (STGO) shares opened with a gain of 0.99 per cent trading at $1.02 per share
Steppe (STGO) finalizes C$12.1M private placement including management and renowned investor, Eric Sprott.
“The funds raised through this placement will be instrumental in achieving our strategic goal of securing project financing for the phase 2 expansion at ATO,” stated Bataa Tumur-Ochir, Steppe’s President and CEO. “We are confident that this expansion will unlock significant value for our stakeholders and drive sustainable growth for our company.”
The company issued 11,000,000 common shares priced at C$1.10.
Sprott acquired 909,091 common shares for a total of C$1M. He is a Steppe insider.
Tumur-Ochir acquired 1,818,182 common shares for a total of C$2M. He now holds 8,469,065 shares for an undiluted ownership stake of 10.14 per cent.
He also holds a US$3M convertible debenture maturing on January 27, 2024 estimated at 4,411,764 shares, 800,000 stock options, and 66,666 restricted stock units, representing Steppe ownership of 15.48 per cent.
The non-brokered financing was upsized from the original estimate of C$9 million.
All shares issued will be subject to a hold period of four months plus a day from the date of issuance.
Steppe Gold is Mongolia’s premier precious metals company.
Steppe Gold (STGO) opened with a gain of 0.99 per cent trading at $1.02 per share.
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