MONTREAL, QUEBEC--(Marketwired - May 8, 2015) - (TSX VENTURE:SPX)
Mr. Maurice Giroux reports
STELLAR AFRICAGOLD CLOSES PRIVATE PLACEMENT OF $140,000 AND STARTS SAMPLING PROGRAMS ON OPAWICA AND ON PLAN NORD, EASTMAIN NORTH AND SOUTH PROJECTS
Stellar AfricaGold Inc. has closed a non-brokered private placement and has issued 2,426,620 million shares for proceeds of $140,000. Each unit priced at one thousand dollar consists of 13,333 flow through shares priced at 6 cents and 4,000 common shares priced a 5 cents and 17,333 common share purchase warrant. Each common share purchase warrant entitles its holder to purchase one common share, at the price of 10 cents, for a 12 month period following the closing date.
All securities issued pursuant to the private placement are subject to a hold period expiring four months and one day from the date of closing, and this transaction remains subject to regulatory approval.
The net proceeds from the sale of the common shares will be used by the corporation to finance exploration on the Company's Quebec properties and for general working capital purposes.
The Company is currently preparing an extensive summer program that will cover both the Opawica-Philibert projects and the recently acquired Eastmain North and South claims blocks 300 km North of Chibougamau Quebec. The field work is planned to start in June 2015.
The technical content of this press release have been reviewed and approved by Mr. Maurice Giroux, a Qualified Person as defined in NI 43-101.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Maurice Giroux, President and CEO
Stellar AfricaGold Inc