MONTREAL, QUEBEC--(Marketwired - Dec. 20, 2013) - Stellar AfricaGold Inc. ("Stellar"), (TSX VENTURE:SPX) announces that is has closed a non-brokered private placement December 17th 2013, raising gross proceeds of $205,800 through the issuance of 147 units priced of $1400.00 each. Each unit consists of 17,000 flow-through common shares ($ 0.07 each) and 3000 common shares ($ 0.07 each) and 20,000 common share purchase warrants entitling the holder to purchase one additional common share, for a period of 24 months from closing, at a purchase price of $0.12 each.
The net proceeds will be used to advance Stellar's newly acquired Opawica propertiy in Quebec and for the corporation general working capital purposes.
About OPAWICA Property:
The OPAWICA Property consist of three blocs totalling 80 mining cells recently acquired by the Stellar in the area of the new Liam gold discovery on the Nelligan Project of Vanstar. It is located approximately 45 kilometres south of the village of Chapais and is accessible year-round by several forestry roads. A power line crosses the South block of the Opawica property.
The Opawica property is located within the Tomagold/Iamgold-Vanstar-Soquem working area which is to date the most active exploration camp in Quebec. Among the most important gold occurrences reported in the area, we note SOQUEM Meston Lake deposit (1.2 MT @ 6.25 g/t Au), SOQUEM Philbert deposit (1.3 MT @ 5.32 g/t Au), as well as numerous high grade drill and channel sampling reported by Tomagold, Vanstar, Murgor and SOQUEM as well as the former Joe Man gold mine that produced over 1.0 million ounces of gold.. (See Map attached)
In connection with the private placement, no finder's fee was paid. All securities issued pursuant to the private placement are subject to a four-month and one day hold period and the private placement is subject to approval by the TSX Venture Exchange.
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