Stellar AfricaGold Inc. announced a private placement of units at a price of CAD 0.06 per unit on May 30, 2022. Each unit shall be comprised of one common share in the capital of the company and one common share purchase warrant. Each warrant shall entitle the holder thereof to acquire one common share at a price of CAD 0.15 per common share for a period of 2 years from the date of issuance.

On the same day, the company issued 8,840,000 units for gross proceeds of CAD 530,400 in its first tranche closing. The company has paid finder's fees totaling CAD 32,260 and issued an aggregate 437,667 finder's warrants to arm's-length finders, with each finder's warrant entitling the holder to purchase one common share for a period of two years at a price of CAD 0.15. All securities to be issued will be subject to a hold period of four months and one day from the closing date.