STELLAR AFRICAGOLD INC. (via TheNewswire)
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Capital Consolidation
Stellar will be consolidating all of the issued and outstanding common shares ("Common Shares") of the Company on the basis of one (1) post-consolidation Common Share for each ten (10) pre-consolidation Common Shares (the "Consolidation").
The effective date and trading of the Common Shares on a post-Consolidation basis on
New CUSIP for common shares:85855B201
New ISIN for common shares:CA85855B2012.
The Consolidation is expected to result in the number of issued and outstanding Common Shares being reduced from 120,657,960 pre-consolidation Common Shares to approximately 12,065,796 post-Consolidation Common Shares. The exercise or conversion price of warrants and stock options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation.
No fractional shares will be issued as a result of the Consolidation. All fractions of Common Shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSXV.
It is anticipated that the capital consolidation will enhance opportunities for Stellar to finance its advancing Tichka Est gold project in
Zuénoula Gold Project Update
The Company’s wholly ownedCôte d’Ivoire subsidiary, La Societé Aucrest SARL, received the final Presidential Decree #PR0750 for the Zuénoula exploration permit from theCôte d’Ivoire Department of Mines, Petroleum and Energy and the DRS for the 250,000 shares owed to TSX-V listed Elemental Altus Royalties Corp. was released to
Tichka Est Gold Project Update
Following a recent site visit by representatives of Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) the Company has received encouraging feedback from ONHYM with respect to Stellar’s previously submitted updated exploration budget and extended earn-inproposal. An amended exploration budget and an extended earn-in proposal has been requested. The changes requested by ONYHM are acceptable to Stellar and an amended proposal will be re-filed in the coming days.(See news releases
About
Stellar’s exploration projects include its advancing gold discovery at the82 square kilometre
The Company is head officed in
Stellar’s President and CEO
Additional information is available on the Company’s website atwww.stellarafricagold.com.
On Behalf of the Board
President & Director
Neither the
Disclaimer & Forward-Looking Statements:
This release contains certain "forward-looking information" under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases, forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the consolidation of the common shares will not proceed as anticipated.
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