MONTREAL, QUEBEC--(Marketwired - July 11, 2013) - Stellar AfricaGold Inc. ("Stellar") (TSX VENTURE:SPX) completes a private placement in the amount of $79,600 raised through the issuance of 995,000 units at the price of $0.08 each. Each unit consists of one common share and one half (1/2) of one common share purchase warrant. Each full warrant has an exercise price of $0.15 and expires 18 month following the issuance.
The securities issued are subject to a four month and one day hold period. The net proceeds will be used for exploration work and working capital purposes.
Several insiders have participated in the private placement and, pursuant to Regulation 61-101 respecting protection of minority security holders in special transactions, ("Regulation 61-101"), such purchases constitute a "related party transaction". However, the transaction is exempt from the valuation and minority shareholder approval requirements pursuant to the exemptions set out in subsection 5.5 (a) and 5.7(1)(a) of Regulation 61-101, as the aggregate consideration does not exceed 25% of Stellar's market capitalization. A material change report has not been filed 21 days prior to the closing of the Private Placement as the participation had not been established at that time.
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.