Steppe Gold Ltd. (TSX: STGO | OTCQX: STPGF | FSE: 2J9) has entered into a share exchange agreement pursuant to which Steppe Gold will acquire all of the issued and outstanding common shares of Boroo Gold LLC from an indirect, wholly owned subsidiary of Boroo Pte Ltd.
Bataa Tumur-Ochir, chairman and CEO of Steppe Gold, commented: “We are very pleased to announce the agreement to acquire Boroo Gold. This transaction accelerates our path to a multi-asset Mongolia-focused mining group and, importantly, immediately provides strong cash flow to support our growth plans, further improved with the recent strong gold prices.
Additionally, pursuant to separate definitive share purchase agreements each between one of Steppe Gold’s wholly owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated 11 April 2024, Steppe Gold will sell the Tres Cruces Oxide Project Boroo Singapore for approximately C$12M in cash payable over the next 18 months beginning as of the closing date.
In connection with the completion of this transaction we expect to finish 2024 with a run rate of around 90,000oz in gold production, moving to over 150,000oz in 2026 on a pro forma basis. We have also decided to divest the Tres Cruces Project to further improve our liquidity and sharpen our focus on Mongolia.” Added Bataa
To find out more, please visit www.steppegold.com
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