(TheNewswire)
VANCOUVER, BC – (TheNews w ire – May 17,2024 ) STELLAR AFRICAGOLD INC . (TSXV: SPX) (the“ Company ” or “ Stellar ”) announcesthat to facilitate future financing efforts following positive updatefrom its earn-in partner in Morocco and the receipt of the officialdecree from the Côte d’Ivoire Authority for Stellar’s newexploration permit, Stellar will consolidate its capitalstructure.
Capital Consolidation
Stellar will be consolidating all of the issued and outstandingcommon shares ("Common Shares") of the Company on the basisof one (1) post-consolidation Common Share for each ten (10)pre-consolidation Common Shares (the "Consolidation").
The effective date andtrading of the Common Shares on a post-Consolidation basis on TSXVenture Exchange (the “TSXV”) will be Friday, May 24, 2023. TheCompany's name and trading symbol will remain unchanged.
New CUSIP for common shares: 85855B201
New ISIN for common shares: CA85855B2012.
The Consolidation is expected to result in the numberof issued and outstanding Common Shares being reduced from 120,657,960pre-consolidation Common Shares to approximately 12,065,796post-Consolidation Common Shares. The exercise or conversion price ofwarrants and stock options, and the number of Common Shares issuablethereunder will also be proportionately adjusted upon the completionof the Consolidation.
No fractional shares will be issued as a result of theConsolidation. All fractions of Common Shares will be rounded down tothe next lowest whole number. No cash consideration will be paid inrespect of fractional shares. The Consolidation is subject to thereceipt of all required regulatory approvals, including the approvalof the TSXV.
It is anticipated that the capital consolidation willenhance opportunities for Stellar to finance its advancing Tichka Estgold project in Morocco and the recently granted Zuénoula exploration permit in Côte d’Ivoire.
Zuénoula Gold Project Update
The Company’s wholly owned Côte d’Ivoire subsidiary, La Societ é Aucrest SARL, received the final Presidential Decree#PR0750 for the Zuénoula exploration permit from the Côte d’Ivoire Department of Mines, Petroleum and Energyand the DRS for the 250,000 shares owed to TSX-V listed ElementalAltus Royalties Corp. was released to Altus Strategies. ( See news release dated May 1, 2024)
Tichka Est Gold Project Update
Following a recent site visit by representatives ofMorocco’s Office National des Hydrocarbures et des Mines (ONHYM) theCompany has received encouraging feedback from ONHYM with respect toStellar’s previously submitted updated exploration budget andextended earn-in proposal. An amendedexploration budget and an extended earn-in proposal has beenrequested. The changes requested by ONYHM are acceptable to Stellarand an amended proposal will be re-filed in the coming days. (See news releases January24, 2023 and May 1, 2024)
About Stellar AfricaGold Inc.
Stellar AfricaGold Inc. is a Canadian precious metalexploration company listed on the TSX Venture Exchange symbol TSXV: SPX , theTradegate Exchange TGAT: 6YP1 and the Frankfurt Stock Exchange FSX: 6YP1 .
Stellar’s exploration projects include its advancinggold discovery at the 82 squarekilometre Tichka Est Gold Project in Morocco forwhich an updated exploration budget and extended earn-in period hasbeen submitted to Morocco’s Office National des Hydrocarbures et desMines (ONHYM) and is pending approval, and the recently granted 395.8square kilometer Zuénoula Gold exploration permit in Côted’Ivoire.
The Company is head officed in Vancouver, BritishColumbia. The Company also has a representative office in Casablanca,Morocco.
Stellar’s Presidentand CEO J. François Lalonde can be contacted at514-994-0654 or by email at lalondejf@stellarafricagold.com
Additional information is available on the Company’swebsite at www.stellarafricagold.com .
On Behalf of the Board
J. François Lalonde
President & Director
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Disclaimer &Forward-Looking Statements:
This release contains certain"forward-looking information" under applicable Canadiansecurities laws concerning the Arrangement. Forward-lookinginformation reflects the Company’s current internal expectations orbeliefs and is based on information currently available to theCompany. In some cases, forward-looking information can be identifiedby terminology such as "may", "will","should", "expect", "intend","plan", "anticipate", "believe","estimate", "projects", "potential","scheduled", "forecast", "budget" or thenegative of those terms or other comparable terminology. Many of theseassumptions are based on factors and events that are not within thecontrol of the Company, and there is no assurance they will prove tobe correct or accurate. Risk factors that could cause actual resultsto differ materially from those predicted herein include, withoutlimitation: that the consolidation of the common shares will notproceed as anticipated.
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