Business
Stellar closes $ 686,000 private placement
Stellar closes $ 686,000 private placement.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\n\nLAVAL, April 24 /CNW Telbec/ - Stellar Pacific Ventures Inc.\"Stellar\" has\nclosed its private placement of 569 Series A units for gross proceeds of\n$569,000 and 117 Series B units for a gross proceed of $117,000 pursuant to an\noffering memorandum dated March 31, 2006.\nEach Series A unit consists of 3,200 flow-through common shares at a\nprice of $0.25 per share for a total of $800 and 1,000 common shares at a\nprice of 20 cents per share for a total of $200; and 1,000 common share\npurchase warrants of Stellar.\nEach Series B unit consists of 5,000 common shares at a price of 20 cents\nper share and 5,000 common share purchase warrants.\nEach warrant entitles its holder thereof to subscribe for one additional\ncommon share at a price of $0.25 at any time for a period of 12 months after\nthe date of closing.\nA commission of 10 per cent of the gross proceeds raised under this\noffering may be payable to certain agents which acted as such pursuant to the\noffering memorandum. The agent may also receive agent's options equal in\nnumber to 10 per cent of the number of common shares sold under the private\nplacement. Each agent's option will entitle the holder thereof to purchase one\ncommon share of Stellar at an exercise price of $0.25 until April 23, 2007.\nThe securities issued under this private placement will be subject to a\nfour-month hold period expiring on August 25, 2006.\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\"\n Michel Lemay\n President\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\nor accuracy of this press release.\n\n\n","length":1826,"tagName":"div"}]