Stellar AfricaGold (SPX-V) Aug 16, '16 has closed a non-brokered private placement of a total amount of $395,000 through the sale of 395 units. Each unit is composed of 17,000 flow-through shares and 3,000 non-flow-through common shares (at the price of five cents) and 20,000 share purchase warrants. Each common share purchase warrant can be exercised at a price of 10 cents for a period of two years.
In connection with the private placement, Stellar paid a commission fees to Sherbrooke Street Capital in the amount of $13,000 and 260,000 broker warrants and to Marches Mondiaux CIBC in the amount of $9,500 and 190,000 broker warrants. Each broker warrant entitles the holder to purchase one common share, at a price of 10 cents, for a period of two years following the closing date.
No insiders have participated in this private placement.
The gross proceeds from this placement will be used to consolidate company's projects in Quebec, namely the Opawica and Eastmain Belt River projects, and working capital.
All securities issued pursuant to the private placement are subject to a four-month-and-one-day hold period. The private placement is subject to the receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange.
The company is currently developing the promising gold potential of the Balandougou project in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian mine exploration Company based in Montreal, Quebec, with operations concentrated mainly in West Africa and in Quebec.
The Company is currently developing the promising gold potential of the Balandougou project in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali.
In Quebec, the Company owns 100% of the Opawica, Eastmain Belt North and South and Terrax Option, all in the Chibougamau and James Bay area.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Note that Stellar Website is temporarily closed for update purpose.
Maurice Giroux
President and CEO
Stellar AfricaGold Inc.
514-866-8096
514-866-6299
mgiroux.stellar@gmail.com
www.stellarafricagold.ca |
