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Stellar AfricaGold Announces Proposed Private Placement of Units
(TheNewswire) Vancouver – TheNewswire - August 20, 2024 – Stellar Afr...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Announces Proposed Private Placement of Units\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver –\n \n\n TheNewswire\n-\n \n\n August 20, 2024 – Stellar AfricaGold Inc.\n(TSX-V:\n \n\n SPX\n \n\n , FSE:\n \n\n 6YP1\n \n\n FSX:\n \n\n 6YP1\n \n\n )\n(\"\n \n\n Stellar\n \n\n \" or the \"\n \n\n Company\n \n\n \") is pleased to announce\n \n\n that, subject to TSX Venture Exchange (the\n“\n \n\n Exchange\n \n\n ”) acceptance, the Company intends to complete a\nnon-brokered private placement of up to 12,000,000 units\n(“\n \n\n Units\n \n\n ”) to be issued at a price of $0.05 per Unit for gross\nproceeds up to $600,000 (the “\n \n\n Private Placement\n \n\n ”). Each Unit will be\ncomprised of one common share (each a “\n \n\n Share\n \n\n ”) and one\ntransferable common share purchase warrant (each a “\n \n\n Warrant\n \n\n ”). Each\nWarrant will entitle the holder thereof to acquire one additional\nShare at a price of $0.08 for a period of three (3) years from\nissuance. The Warrants will contain a proviso restricting the exercise\nof the Warrant if, at the time of exercise, the exercise would result\nin the creation of a new Insider or Control Person, as defined by\nExchange policies.\n \n\n\n\n Proceeds received from the Private Placement will be\nused to commence a program of community engagement and mapping and\nsampling on the Company’s Zuénoula gold exploration permit\nin\n \n\n Côte d’Ivoire with a view to identifying\nareas of interest for future drilling programs,\n \n\n to settle certain debts of the Company and for general working capital\npurposes provided however that management of the Company may alter the\nuse of proceeds from time to time as corporate circumstances may\ndictate.\n \n\n\n\n All securities will be subject to a statutory hold\nperiod of four months and one day from issuance.\n \n\n\n\n The proposed private placement is fully subscribed with\nofficers and directors of the Company intending to subscribe for a\ntotal of 4,000,000 units of the private placement. The participation\nof officers and directors of Stellar in the private placement is\nconsidered a “related party transaction” and the Company will rely\non the exemption from the formal valuati...