Curated News
By: NewsRamp Editorial Staff
May 15, 2024

Steppe Gold Announces Shareholder Vote for Boroo Gold Acquisition in Mongolia

Reddit Discuss on RedditDiscuss on Substack Discuss on Substack
Source Press Release

TLDR

  • The acquisition of Boroo Gold will increase Steppe Gold's combined gold production to 90,000 ounces per annum by 2025, giving them a competitive advantage in the market.
  • Steppe Gold plans to acquire Boroo Gold in Mongolia through a shareholder vote on June 24th, with the transaction involving issuing common shares in exchange for the acquisition.
  • The acquisition is expected to generate strong cash flow, enhance financial strength, fund exploration programs, and provide opportunities for further acquisitions in Mongolia, ultimately contributing to economic development in the region.
  • Steppe Gold's strategic acquisition plans and increase in gold production make them a significant player in the global gold market, which is interesting for investors and gold enthusiasts.

Impact - Why it Matters

The proposed acquisition of Boroo Gold by Steppe Gold will have significant strategic benefits, including an increase in gold production and strong cash flow, which could impact the global gold market. Shareholders and investors will be closely watching the outcome of the shareholder vote as it will determine the future direction and growth potential of Steppe Gold as a multi-asset producer with a focus on Mongolia.

Summary

Steppe Gold CFO Jeremy South shared news of the company's plan to hold a shareholder vote on June 24th in Mongolia regarding the proposed acquisition of Boroo Gold. 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.

Source Statement

This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Steppe Gold Announces Shareholder Vote for Boroo Gold Acquisition in Mongolia

blockchain registration record for the source press release.