Business
Stellar Africagold Closes Tranche I of $1.6M Private Placement
(TheNewswire) Vancouver – TheNewswire - February 26, 2021 Jo...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar Africagold Closes Tranche I of $1.6M Private Placement\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Vancouver –\n \n \n TheNewswire -\n \n \n February 26, 2021\n \n John Cumming\n \n ,\n \n President and CEO of Stellar\nAfricaGold Inc., (TSXV:SPX) (\"Stellar\" or the\n\"Company\") is pleased to announce:\n \n \n \n Private Placement\n \n \n \n \n \n Stellar announces that it has closed on Tranche I of a non-brokered\nprivate placement and issued 11,391,667 units for gross proceeds of\n$683,500.\n \n \n \n \n \n \n The private placement financing is ongoing with the Company\nintending to issue up to 26,666,667 units at $0.06 per unit for gross\nproceeds of C$1,600,000. Each unit is comprised of one common share\nand one share purchase warrant exercisable at $0.15 for 24 months. The\nplacement will be marketed to all Canadian provinces and select\nEuropean countries as permitted by law. The net proceeds of the\nprivate placement will be used to advance exploration on the\nCompany’s Tichka Est gold property in Morocco and on its Prikro gold\nproperty in\n \n \n Côte d’Ivoire, and for general corporate\npurposes including advancing the Company’s other pending property\nacquisitions and seeking potential new acquisitions.\n \n \n The Units issued pursuant to Tranche I are subject to an investment\nhold period until June 26, 2021. The share purchase warrants issued\npursuant to Tranche I may be exercised until February 26, 2023.\nFinder’s fees will be paid in respect of this Tranche I and in\nrespect of subsequent tranches of this financing.\n \n \n \n \n About Tichka Est\nProject, Morocco\n \n \n \n \n \n \n The Tichka Est property is comprised of three contiguous prospecting\npermits covering an area of 44.6 km2. It is located in the Atlas\nMountain about 160 km SSW of the city of Marrakech. The area is\naccessible year-round via a national road to the village of Analghi\nlocated near the mineralized gold zone.\n \n \n \n \n \n \n On\nAugust 19, 2020, Stellar AfricaGold Inc. announced the signature of\nthe final agreement for the acquisition of 90% interest in the Tichka\nEst Gold Project where anomalous gold concentrations were first\ndiscovered during a 2009 regional stream sediments sampling program\nconducted by Office National des Hydrocarbures et des Mines of Morocco\n(“...