Stellar AfricaGold Trading Halt
(TheNewswire)
Vancouver, BC – TheNewswire - January 9, 2020 – John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company") reports:
Trading Halt
Trading in the shares of Stellar was halted at the opening of the market on January 9, 2019 at the request of the Company pending acceptance by the TSX Venture Exchange (“TSX-V”) of a Fundamental Acquisition.
On January 7, 2017 stellar announced that had optioned up to a 100% interest in Birimian Geology Exploration SARL (“BGE”), a Côte d’Ivoire company, which holds two d gold exploration permits (pending) in Côte d’Ivoire.
Because this acquisition will be the only asset in Stellar (Stellar sold its Balandougou Gold Project in October 2019) this Côte d’Ivoire acquisition, by definition, constitutes a Fundamental Acquisition as defined by Listings Policy 5.3 and a halt in trading is mandated under that Policy.
Stellar has made its initial filing as required by Listings Policy 5.3 and will proceed as quickly as possible to complete and file the documentation that will be required by the TSX-V pursuant to Listings Policy 5.3.
The stock will resume trading only after required documentation is filed and the TSX-V has approved the acquisition.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and Montreal, QC. Stellar’s exploration activities are in North and West Africa.
Stellar has been active in West Africa since 2009. In October 2017 Stellar closed the all-cash sale of its Balandougou Gold Project in Guinea for $5.13M.
Stellar is focusing its future exploration activities in Morocco and Ivory Coast, jurisdictions that are politically stable, geologically desirable, mining friendly and relatively underexplored, a highly favourable investment combination.
The technical content of this press release has been reviewed and approved by Yassine Belkabir, MSc DIC, CEng, MIMMM, a director of the Company and a Qualified Person as defined in NI 43-101.
On Behalf of the Board
John Cumming, LLM,
President & CEO
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. Assumptions upon which such forward-looking information is based includes, among others, that the conditions to closing of the Arrangement will be satisfied and that the Arrangement will be completed on the terms set out in the definitive agreement. 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 remaining conditions to the Arrangement will not be satisfied; that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.
Neither the 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.
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