Business
Stellar AfricaGold Annual General Meeting, Change of Officer, Grant of Stock Options, Conversion of Debt, Bulk Sample Update
(via TheNewswire) Montreal, Quebec / TheNewswire / August 22, 2017 - John Cumming , ...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Annual General Meeting, Change of Officer, Grant of Stock Options, Conversion of Debt, Bulk Sample Update(via TheNewswire)\n\n \nMontreal, Quebec / TheNewswire / August 22, 2017 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (\"Stellar\" or the \"Company\") announces: \n\n \n \nANNUAL GENERAL MEETING\n\n \n \nThe Annual General Meeting of the shareholders of the Company was held on July 27, 2017 in Montreal, Quebec. A total of 10,544,280 shares (9,733,483 by proxy and 810,797 in person) representing 18.38% of the issued capital were voted at the annual meeting. At the Meeting, shareholders approved all resolutions put before them by management including the election of management's director nominees, the appointment of the auditor, and the approval of the Company's 10% rolling incentive stock option plan.\n\n \n \nThe directors of the Company are Maurice Giroux, John Cumming, Francois Lalonde and John Ryan.\n\n \n \nThe directors subsequently reappointed John Cumming as President and Chief Executive Officer, and Maurice Giroux as Vice President Exploration and Chief Operating Officer.\n\n \n \nCHANGE OF OFFICER\n\n \n \nOn August 17, 2017 director Francois Lalonde was appointed as Chief Financial Officer replacing Martin Nicoletti.\n\n \n \nGRANT OF STOCK OPTIONS\n\n \n \nThe Company has granted 3,637,000 incentive stock options to directors, officers and consultants of the Company. The options are for a five year term exercisable at $0.05 per share, are fully vested and are granted pursuant and subject to the Company's approved Stock Option Plan and required regulatory approvals.\n\n \n \nCONVERSION OF DEBENTURE AND SHARES FOR DEBT ISSUANCE\n\n \n \nPursuant to the private placement of a $ 150,000 convertible debenture which closed on September 22, 2016, the Company has issued to one debenture holder 200,000 shares upon conversion of $10,000 of that convertible debt and issued a further 8,067 shares for accrued interest to the conversion date, all at a price of $0.05 per share.\n\n \n \nThe transaction constituted a related-party transaction within the meaning of TSX Venture Exchange Policy 5.9 \n\n\n \nand Multilateral Instrument 61-101 as an insider of the Company have received 10,000 shares of the issuance. \n\n\n \nThe Company is relying on the exemptions fr...