Business
Stellar AfricaGold and Mosaic Minerals Complete Spin-Out
(via TheNewswire) February 1 3 , 2020 - TheNewswire - Vancouver, British Colu...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold and Mosaic Minerals Complete Spin-Out(via TheNewswire)\n \n \nFebruary 13, 2020 - TheNewswire - Vancouver, British Columbia - Stellar AfricaGold Inc. (\"Stellar\") (TSXV:SPX) and Mosaic Minerals Corp. (\"Mosaic\") are pleased to announce that they have completed their previously announced spin-out transaction (the \"Spin-Out\") involving common shares of Mosaic (\"Mosaic Shares\").\n\n\n \nIn accordance with the terms of the Arrangement Agreement between Stellar and Mosaic, each outstanding common share of Stellar held by a Stellar Shareholder of as of February 12, 2020 was exchanged for one (1) new common share of Stellar and 0.0312 of a Mosaic Share. Stellar shareholders do not need to take any action to receive their Mosaic Shares and do not need to exchange their certificates representing the common shares of Stellar for new certificates. Further details on the Spin-Out are contained in Stellar's news release date February 10, 2020.\n\n\n \nIn accordance with the early warning reporting provisions of applicable securities laws, Mosaic is providing the following information regarding shareholders who hold in excess of 10% of the outstanding Mosaic Shares on an undiluted and partially diluted basis. \n\n\n \nStellar, of 4908 Pine Crescent, Vancouver, BC V6M 3P6, currently holds 5,200,000 Mosaic Shares, or 21.85% of the total outstanding Mosaic Shares. Stellar acquired the Mosaic Shares as consideration for the sale of the Opawica Property. The Mosaic Shares were issued to Stellar at a deemed price of $0.05 per Mosaic Share or $260,000 in aggregate. Stellar may acquire or dispose of additional Mosaic Shares depending on market conditions and/or other relevant factors, subject to applicable law.\n\n\n \nHybrid Financial Ltd. (\"Hybrid\"), of 40 King Street West, Suite 1700, Toronto, ON M5H 2C2, currently holds 2,520,000 Mosaic Shares and 1,260,000 common share purchase warrants (\"Warrants\"). Hybrid's 2,520,000 Mosaic Shares represent approximately 10.59% of the issued and outstanding Mosaic Shares. Assuming exercise of all Warrants held by Hybrid, Hybrid would own 3,780,000 Mosaic Shares representing approximately 15.08% of the issued and outstanding common shares of Mosaic (on a partially-diluted basis giving effect only to the exercise of the Warrants). The Mosaic Shares were acquired from treasury for cas...