Steppe Gold Limited (TSX: STGO) is pleased to announce that it has completed its previously announced private placement issuing US$5.4 million principal amount of 10% two year unsecured convertible debentures.
As a result of higher investor interest, the Company intends to accommodate additional orders in a further tranche of US$2.0 million, to close following receipt of shareholder and regulatory approvals.
The Debentures will bear interest from the date of closing at 10% per annum, calculated and payable semi-annually in arrears on June 30 and December 31 in each year, commencing on December 31, 2019 and will mature on July 2, 2021.
The Debentures will be unsecured obligations of the Company and rank pari passu in right of payment of principal and interest with all other Debentures issued under the Offering.
The Debentures will be convertible at the option of the holder into common shares of the Company at any time prior to the close of business on the maturity date at a conversion price of US$0.52 (Approx. C$0.70) per common share. The Company has the right to accelerate the conversion of the Debentures in the event the closing price of the common shares on the Toronto Stock Exchange exceeds C$2.00 for any period of 30 consecutive trading days.
The Debentures and any Common Shares issuable upon conversion or exercise thereof, as applicable, will be subject to a statutory hold period lasting four months and one day following the date of issuance.
ABOUT STEPPE GOLD LTD.
Steppe Gold is a precious metals development company with an aggressive growth strategy to build Steppe Gold into the premier precious metals company in Mongolia. The Company owns 100% of the advanced staged Altan Tsaagan Ovoo Gold Project where a heap leach development is currently being completed.
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