Update on Management Cease Trade Order (Mtco)
Montreal, January 11, 2016 - Maurice Giroux, President and Chief Executive Officer of Stellar AfricaGold Inc. (TSX-V: SPX) ("Stellar" or the "Company") wishes to update shareholders on the current management cease trade order.
As announced on November 30, 2015, the Company was imposed at his request by Quebec Autorité des Marché Financiers (AMF), a Management Cease Trade Order (MTCO) as result of the failure to file audited annual financial statements, the annual management discussion and analysis report and annual certifications from the chief executive officer and the chief financial officer for the year ending July 31, 2015. This situation is due of a lack of liquidity and to the actual impossibility to finance the Company activities and working capital with conventional manner. At the Company’s request, the AMF has consent a 60 days MTCO ending on January 29, 2016. The Company is confident to find a solution to the benefit of the shareholders.
The Company confirms that it meets the guidelines replacement information set out in sections 4.3 and 4.4 of policy statement 12-203 relating to cease trade orders imposed for failure to comply with continuous disclosure obligations.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian mine exploration Company based in Montreal, Quebec, with operations concentrated mainly in West Africa. Stellar AfricaGold Inc. is the former and consolidated Stellar Pacific Ventures.
The Company is currently developing the promising gold potential of the Balandougou project in Guinea, which is at an advanced exploration stage, as well as the Namarana project in Mali. The exploration licences held by Stellar and its partners are located entirely on the West African Birimiam Gold Belt.
FORWARD LOOKING STATEMENTS
This document contains forward-looking statements concerning future development contingent upon uncertain factors including financing revenues, progress and results of activities and operations, and environmental factors that are in some cases considered forward-looking statements. These statements are based on numerous assumptions including commodity prices, exploration results, resource availability, and other assumptions that management believes are reasonable based on currently available information, however management’s assumptions and the Company’s future performance are subject to a wide range of business risks and there is no assurance that these goals and projections can or will be met.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.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Maurice Giroux, President and CEO
Stellar AfricaGold Inc.
410 St-Nicolas, Suite 236
Montréal (Québec) H2Y-2P5
Tel.: 514-866-6299 Fax: 514-866-8096
www.stellarafricagold.ca