Business
Stellar AfricaGold Closes Loan Facility, Grants Stock Options
(via TheNewswire) Vancouver, BC / TheNewswire / November 14, 2017 - John Cumming , ...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Closes Loan Facility, Grants Stock Options(via TheNewswire)\n \n \nVancouver, BC / TheNewswire / November 14, 2017 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (\"Stellar\" or the \"Company\") announces: \n\n \n \nLOAN FACILITY\n\n \n \nThe TSX Venture Exchange has approved and Stellar's Guinea subsidiary, MGWA Goldenfrank SARL, has closed the US$400,000 loan facility announced October 27, 2017. \n\n \n \nThe loan proceeds will be used to complete the installation and assembly of the 150 tonne per day gravity separation mill at the Balandougou gold project, Guinea, and for working capital during the start-up period of the 15,000 tonnes bulk sample program.\n\n \n \nThe loan is unsecured, bears interest at 10% per annum and is for a 24-month term. Interest is capitalized for the first 8 months (until June 30, 2018) after which blended principal and interest loan payments will retire the loan on November 10, 2019.\n\n \n \nStellar has provided a collateral guarantee of repayment of the loan, and has issued to the lender a 24-month loan bonus warrant to purchase up to 1,000,000 shares of Stellar at C$0.05 per share. The warrant expires November 10, 2019.\n\n \n \nGRANT OF STOCK OPTIONS\n\n \n \nThe Company has granted 3,492,000 incentive stock options to directors, officers and consultants of the Company. The options are for a five-year term expiring November 14, 2022, are 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 \nA grant of 3,637,000 stock options previously announced (August 22, 2017) did not proceed.\n\n \n \nBALANDOUGOU GOLD PROJECT BULK SAMPLE UPDATE\n\n \n \nStellar is developing the promising gold potential of the advanced exploration stage B3 Zone of its 100% owned Balandougou Gold Project in Guinea, including installation of a 150 tonnes per day gravity separation plant based on design parameters defined by SGS South Africa and Henan Xingyang Mining Machinery Manufactory, a branch of XKJ Solution Group of Zhengzhou, China. \n\n \n \nThe gravity plant equipment, and structural steel footings and supports have been delivered to the mine site and are awaiting final assembly and installation.\n\n \n \nStellar has extracted and s...