Stellar closes a private placement of $295,500

About this update from Stellar Africagold, Inc.

[{"type":"text","content":"\n\n\n\nLAVAL, QC, Jan. 10 /CNW/ - Stellar Pacific Ventures Inc. (the\n"Corporation") (TSX-V: SPX) is pleased to announce the closing of a private\nplacement through the sale of 197 units (the "Units"), at a price of $1,500\nper Unit, for total gross proceeds of $295,500. Each Unit is comprised of\n8,500 flow-through common shares, 1,500 common shares and 10,000 transferable\nshare purchase warrants (the "Warrants"). Each Warrant entitles the holder\nthereof to purchase one additional common share of the Corporation at a price\nof $0.20 per common share for an initial 12-month period following the closing\nof the private placement and thereafter at a price of $0.30 for an additional\n12- month period.\n\n\nSubject to the approval of regulatory authorities having jurisdiction on\nthe securities of the Corporation, the Corporation agreed to pay a cash\ncommission representing 10% of the gross proceeds and to issue\nnon-transferable broker warrants equal to 10% of the securities issued\npursuant to this private placement. Each broker warrant entitles its holder to\npurchase one additional common share of the Corporation at a price of $0.15\nper common share for a 12-month period following the closing date of the\nprivate placement.\n\n\nAll the securities issued pursuant to this placement are subject to\ncertain resale restrictions which require that the securities not be traded\nbefore May 1, 2008.\n\n\nThe Corporation announced on December 6, 2007, the closing of two\ntranches of a private placement through the sale of an aggregate of 284 units\nfor total proceeds of $426,000. The press release should have stated that the\nCorporation had closed a private placement of 298 units for total gross\nproceeds of $447,000.\n\n\nStellar Pacific Ventures Inc. is a junior mining exploration corporation,\nthe securities of which are listed and posted for trading on the TSX Venture\nExchange, whose primary objective is to develop and bring into production\nviable gold deposits.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this press release.\n\n\n","length":2195,"tagName":"div"}]

More updates from Stellar Africagold, Inc.