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Steppe Gold raises C$21.1M in Toronto IPO

Mongolia-focused precious metals hopeful Steppe Gold Ltd. raised C$21.1 million as part of its IPO on the Toronto Stock Exchange.

The offering comprised 10,569,185 units at C$2 apiece. Each unit comprises one common share and a purchase warrant, exercisable at C$2.34 per share for two years from closing. The company also granted the agents a 15% overallotment option, exercisable for 30 days following closing.

Steppe Gold's shares will start trading May 22 on the exchange under the STGO symbol, it said the same day.

One of the company's main assets is the Altan Tsagaan Ovoo gold project in Mongolia, which it acquired from a Centerra Gold Inc. subsidiary in 2017.