Business
Stellar AfricaGold Debt Settlement and Stock Options
(TheNewswire) Vancouver, British Columbia – TheNewswire - April 8, 2...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"Stellar AfricaGold Debt Settlement and Stock Options\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, British Columbia –\n \n\n TheNewswire -\n \n\n April 8, 2025\n \n\n –\n \n\n Stellar\nAfricaGold Inc. (TSX-V: SPX) (\"Stellar\" or the\n\"Company\") announces:\n \n\n\n\n Shares for Debt Settlement\n \n\n\n\n\n\n Further to the\nCompany’s news releases of September 18, 2024 and October 7, 2024\nregarding the settlement of certain debts by the issuance of shares of\nthe Company, the TSX Venture Exchange (the “TSX-V”) required the\nCompany\n \n\n to obtain disinterested shareholder\napproval at its annual general and special shareholder’s meeting\n(“AGM”) prior to completing one portion of the shares-for-debt\ntransaction.\n \n\n\n\n At the AGM held February 27, 2025 the Company received\nthe required shareholder approval and the TSX-V has granted final\napproval of the outstanding portion of the shares-for-debt\ntransaction. The Company has issued the final 1,238,060 common shares\nat the previously approved price of $0.05 per share to settle the\nremaining $61,903.00 in debt owed to a non-arms’ length creditor.\n \n\n\n\n All securities issued pursuant to the Debt Settlement\nare subject to a statutory four-month and one day\n \n\n\n\n hold period in accordance with Canadian Securities Law\nand the policies of the TSX-V.\n \n\n\n\n The creditor is a Director and a related party of the\nCompany pursuant to Multilateral Instrument 61-101 -\n \n\n Protection of Minority Security Holders in\nSpecial Transactions\n \n\n (\"MI 61-101\").\nRelated party involvement in the Debt Settlement constitutes a\n\"related party transaction\". The Company relied on the\nexemptions from the formal valuation and minority shareholder approval\nrequirements of MI 61-101 pursuant to Sections 5.5(a) and 5.7(1)(a)\nrespectively, as neither the fair market value of the subject matter\nof, nor the fair market value of the consideration for, the Debt\nSettlement, insofar as it involves interested parties, exceeds 25 per\ncent of the Company's market capitalization.\n \n\n\n\n Incentive Stock Options\n \n\n\n\n Pursuant to the Company’s Omnibus Long-Term Incentive\nPlan approved by Shareholders on February 27, 2025 the Company has\ngranted an aggregate of 1,360,00...