Steppe Gold receives approval for the cross-listing on Mongolian Stock ExchangeEconomy
Ulaanbaatar /MONTSAME/. Steppe Gold Ltd., Mongolia’s premier precious metals company, announced on June 24 that it has received the approval from the Financial Regulatory Commission of Mongolia in relation to its proposed cross-listing on the Mongolian Stock Exchange.
Regarding the approval, Bataa Tumur-Ochir, President and CEO of Steppe Gold, commented, “On behalf of our shareholders and colleagues, I would like to extend my gratitude towards the authorities of the Financial Regulatory Commission and the MSE for considering our request and supporting our vision. Steppe Gold quickly positioned itself as Mongolia’s leading gold producer and we are excited to attract more Mongolian retail investors and institutions in the growth of our exciting and growing portfolio of precious metal assets.
Steppe Gold already has over 20% of its shares owned by Mongolian investors and, with this move, we are reaffirming our commitment to enable more Mongolians to share in the success of Steppe Gold.
Steppe Gold has built a strong reputation regarding community engagement, investment on the education of Mongolian youths, local development support, job creation, and responsible mining. This cross-listing is aligned with our goal to make an important contribution to not only Mongolia’s economy, but also Mongolia’s stock market”.
The Company will raise MNT 5 billion by issuing a total 1,111,110 common shares at a fixed price.
Proceeds of this placement will be used for Phase 2 expansion at the Company’s ATO Gold Mine.
Five independent analysts forecasted the share price to reach CAD 4.09.
Ard Securities, a lead advisor and underwriter, is working on the listing with Snow Hill Consultancy providing legal consulting, DRA Americas Incorporated – technical consulting, and MNP Audit – financial consulting services respectively.
Amarbayasgalan Enkhsaikhan, Executive Chairman of Ard Securities and Head of Investment Banking at its parent, Ard Financial Group, noted, “We are delighted to be working with Steppe Gold on the cross-listing of its shares on the MSE. We are witnessing an increased interest from Mongolia’s growing retail investor base and they are excited to participate in the success of a home-grown mining company with a demonstrated success story.”
Ard Securities is a fully licensed Mongolian investment advisory firm that offers brokerage and financial advisory services. Ard Securities has led the market with 40 percent secondary trading volume on MSE in the past two years. Its parent, Ard Financial Group, leads the Investor Nation initiative which aims to increase access to capital markets to ordinary Mongolians.
In 2020, Ard Securities has successfully underwritten and closed the funding for the country’s first ever closed-end fund on MSE, National Privatization Fund, bringing the total listed companies managed by the Group to 5: Ard Financial Group JSC, Ard Insurance JSC, Ard Credit NBFI JSC, Mongol Post JSC, National Privatization Fund.