Steppe Gold Ltd (OTC:STPGF) (STGO.T) Stock On Watchlist After a Key Development

Earlier this week, Steppe Gold Ltd (OTC:STPGF) (STGO.T) made a momentous joint announcement with Anacortes Mining Group about its acquisition of the latter. It was announced that the Anacortes shareholders had approved the transaction by which Steppe Gold would acquire all the outstanding and issued common shares in the company.

Steppe Gold Announces Anacortes Mining Shareholders Approve Plan of Arrangement

The approval was provided through a court-approved process of arrangement as per the provisions of the British Corporations Act, at a special meeting of Anacortes shareholders on June 19. It may be a good idea for investors to take a closer look at the details of the acquisition.

As per the agreement between the two companies, shareholders in Anacortes would get 0.4532 shares in Steppe Gold for each share of Anacortes that they held. All outstanding share warrants for Anacortes are going to be canceled and would instead be exchanged for the relevant warrant considerations.

The vested-in-the-money options in Anacortes are going to be converted to Anacortes shares on a cashless basis and those shares would then be exchanged with Steppe Gold shares. The out-of-the-money options in Anacortes are going to be canceled outright without any payment.