Business
Stellar closes a $561,050 private placement and raises $603,207 through warrants exercise
Stellar closes a $561,050 private placement and raises $603,207 through warrants exercise.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Feb. 13 /CNW/ - Stellar Pacific Ventures Inc. (\"Stellar\") has\nclosed a private placement of 350 Series \"A\" units for gross proceeds of\n$350,000 and 201 Series \"B\" unit for gross proceeds of $211,050 for a total of\n$561,050.\n\n\nEach Series \"A\" unit consists of 3,400 flow-through common shares at a\nprice of $0.25 per share for a total of $850; 750 common shares at a price of\n$0.20 per share for a total of $150; and 750 common share purchase warrants of\nStellar (the \"Series \"A\" Warrants\"). Each Series \"A\" Warrant entitles its\nholder thereof to subscribe for one additional common share at a price of\n$0.25 at any time for an initial period of 12 months after the date of closing\nand thereafter at a price of $0.30 for an additional period of 12 months. The\nSeries \"A\" Warrants will be subject to an accelerated expiry if, anytime\nfollowing four months and one day after the closing date, the weighted average\ntrading price of the common shares of Stellar is greater than $0.35 for any 5\nconsecutive trading days.\n\n\nEach Series \"B\" unit consists of 7,000 common shares at a price of $0.15\nper share for a total of $1,050 and 7,000 common share purchase warrants of\nStellar (the \"Series \"B\" Warrants\"). Each Series \"B\" Warrant entitles its\nholder thereof to subscribe for one additional common share at a price of\n$0.18 at any time for an initial period of 12 months after the date of closing\nand thereafter at a price of $0.24 for an additional period of 12 months after\nthe date of closing. The Series \"B\" Warrants will be subject to an accelerated\nexpiry if, anytime following four months and one day after the closing date,\nthe weighted average trading price of the common shares of Stellar is greater\nthan $0.30 for any 5 consecutive trading days.\n\n\nA commission of 10% of the gross proceeds raised under this offering is\npayable to certain agents. The agents will also receive agents' options equal\nto 10% of the number of common shares sold under the private placement.\n\n\nThe securities issued under this private placement will be subject to a\nfour-month hold period expiring on June 14, 2007.\n\n\nThe proceeds of the private placement will be used to finance exploration\nactivities and incur Canadian exploration expenditures (CEE), and for general\nworking capital working purp...