Steppe Gold Ltd. (TSX: STGO) has successfully completed a non-brokered private placement, raising a total of $12.1M, which was upsized from the original estimate of $9M.
The private placement included participation from the company’s management and 2176423 Ontario, a company beneficially owned by Eric Sprott.
“I am thrilled to participate in this offering, and we are delighted to welcome a significant new shareholder and grateful for the continued support of our existing major shareholders, including Eric Sprott,” President and CEO, Bataa Tumur-Ochir, said.
“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. We are confident that this expansion will unlock significant value for our stakeholders and drive sustainable growth for our company.”
Eric Sprott through 2176423 Ontario Ltd, a Corporation beneficially owned and controlled by him acquired an aggregate of 909,091 Common Shares for a total of $1,000,000 pursuant to the Private Placement. Mr. Sprott is an insider of the Company and, as a result, his participation in the Private Placement constitutes a “related party transaction” as defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions.
On the Closing date, Bataa Tumur-Ochir acquired an aggregate of 1,818,182 Common Shares for a total of $2,000,000 pursuant to the Private Placement. The Bataa Tumur-Ochir Participation is equal to approximately 2.18% of the issued and outstanding Common Shares following the completion of the Private Placement.
For further information please visit: https://steppegold.com/
