Vancouver, April 25, 2018 – John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) announces:
PRIVATE PLACEMENT
The Company is proceeding with a non-brokered private placement offering (the “Offering”) of 6,210,000 units at a price of $0.05 per unit for gross proceeds of C$310,000. Each unit will be comprised of one common share and one-half share purchase warrant exercisable at $0.10 per warrant share for a term of 12 months. The Offering is fully subscribed by five placees including two directors. The net proceeds received from the Offering will be used for the Company’s Balandougou Gold Project in Guinea, new project acquisitions and for working capital. All securities issued will be subject to a four (4) month hold period from the date of closing. The Offering is subject to the approval of the TSX Venture Exchange. No commissions and/or finder’s fees will be paid in respect of this Offering.
GRAVITY MILL UPDATE, BALANDOUGOU GOLD PROJECT, GUINEA
Construction and commissioning of the 150 tonnes per day (“tpd”) gravity separation plant at the B3 Zone of Stellar’s 100% controlled Balandougou Gold Project in Guinea is complete with all mill components tested, adjusted and operating correctly. In the coming days the Company will begin full-time operations processing a 15,000 tonnes bulk sample to test the profitability of gravity milling the gold-mineralized oxide from the B3 Zone. The mill’s daily throughput will be gradually increased as processing procedures and equipment are fine-tuned to optimize plant capacity and gold recovery.
If the operating economics are profitable then the Company will continue gold milling operations on a commercial basis.
To read the complete April 25 2018 private placement news release click here.
