Vancouver, May 18, 2018 – John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) announces:
PRIVATE PLACEMENT CLOSED
Further to the Company’s news release of April 25, 2018 the Company has closed a fully subscribed non-brokered private placement offering (the “Offering”) and issued 6,200,000 units at a price of $0.05 per unit for gross proceeds of C$310,000. Each unit is comprised of one common share and one-half share purchase warrant with each full warrant exercisable at $0.10 per share until May 17, 2019.
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 are subject to an investment hold period until September 18, 2018. No commissions and/or finder’s fees were paid in respect of this Offering.
SHARES FOR DEBT SETTLEMENT
The Company is proceeding with a shares for debt settlement pursuant to which Stellar issue 140,000 common shares at a deemed price of $ 0.05 per share to debentureholders to settle $ 7,000 in interest due as of March 22, 2018 on $140,000 of 10% convertible debentures dated September 22, 2016. The shares for debt settlement is subject to the approval of the TSX Venture Exchange.
To read the complete May 18 2018 private placement news release click here.
