Steppe Gold Limited (OTC: STPGF) Announces Executive Changes: Stock Falls

Many investors are expected to look into those companies that may have been in the news cycle on Thursday, and one of the companies that may be worth looking into is possibly Steppe Gold Limited (OTC: STPGF). The company announced yesterday that Aneel Waraich had resigned from his position as executive vice president and director of the company. It was also revealed that Greg Wood had also resigned from his position as Chief Operating Officer.

In the news release, it was noted that both resignations went into effect on March 28, 2024, and both had been accepted by the Steppe Gold board of directors. The company also thanked both executives for their contributions and wished them well for the future. The company also announced that, in relation to the resignation of Warraich, Steppe Gold issued as many as 1,250,000 common shares for the deemed price of $0.77 each and also made a cash payment of $100,000. As a result, the company managed to settle all the money that had been owed to Warraich.

The settlement transaction had not been approved by the Toronto Stock Exchange at the time of the announcement. However, the company did state that the common shares that had been issued to Warraich in connection with the resignation were going to have a hold period of four months and a day. The company issued Wood with the same number of common shares at the same price and made a cash payment of $300,000 in order to settle all debts owed.

The Chief Executive Officer and Chairman of Steppe Gold, Bataa Tumur-Ochir, thanked the two former employees for their contributions. He went on to state that following the acquisition of the Boroo Gold asset, Steppe Gold would turn into a producer of multiple assets, and the focus of the company would be on the maximization of cash flows.

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