Business
Stellar closes a $282,800 Private placement
Stellar closes a $282,800 Private placement.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\n\nLAVAL, QC, Nov. 17 /CNW/ - Stellar Pacific Ventures Inc. (\"Stellar\") has\nclosed the first tranche of a private placement of 248 Series A units for\ngross proceeds of $272,800 and 1 series B unit for gross proceeds of $10,000.\nEach Series A unit consists of 6,000 flow-through common shares at a\nprice of $0.15 per share for a total of $900 and 2,000 common shares at a\nprice of $0.10 per share for a total of $200; and 8,000 common share purchase\nwarrants of Stellar. Each warrant entitles its holder thereof to subscribe for\none additional common share at a price of $0.15 at any time for an initial\nperiod of 12 months after the date of closing and thereafter at a price of\n$0.20 for an additional period of 12 months.\nEach Series B unit consists of 10,000 common shares at a price of $0.10\nper share for a total of $1,000; and 10,000 common share purchase warrants of\nStellar. Each warrant entitles its holder thereof to subscribe for one\nadditional common share at a price of $0.15 at any time for an initial period\nof 12 months after the date of closing and thereafter at a price of $0.20 for\nan additional period of 12 months after the date of closing.\nA commission of 10 per cent of the gross proceeds raised under this\noffering is payable to certain agents who acted as such pursuant to an\noffering memorandum dated October 1, 2006. The agent will also receive agent's\noptions equal in number to 10 per cent of the number of common shares sold\nunder the private placement. Each agent's option shall entitle the holder\nthereof to purchase one common share of Stellar at an exercise price of $0.15\nat any time for a period of 12 months after the date of closing.\nThe securities issued under this private placement will be subject to a\nfour-month hold period expiring on March 17, 2007.\nThe proceeds of the private placement will be used to finance exploration\nactivities and incur Canadian exploration expenditures (CEE) on the Vassan\nproperty, and for general working capital working purposes.\n\n\"Michel Lemay\"\nMichel Lemay\nPresident\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this press release.\n\n\n","length":2232,"tagName":"div"}]