Business
Stellar closes financing with the MineralFields Group
Stellar closes financing with the MineralFields Group.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, April 30 /CNW/ - Stellar Pacific Ventures Inc. (the\n"Corporation") (SPX) is pleased to announce the closing of a non-brokered\nprivate placement of $1,000,000 through the sale of 4,000,000 flow-through\nunits (the "FT Units") at $0.25 each to the Mineralfields Group. Each FT Unit\nis comprised of one flow-through common share of the Corporation and one\ntransferable non-flow-through share purchase warrant (a "Warrant"). Each\nWarrant entitles the holder thereof to purchase one additional common share of\nthe Corporation at a price of $0.25 per common share for an initial 12-month\nperiod following the closing of the private placement and thereafter at a\nprice of $0.30 for an additional 12-month period.\n\n\nThe Warrants will be subject to an accelerated expiry date if, at anytime\nfollowing the trade restriction period of four months and one day from the\nclosing of the private placement, the trading price of the common shares of\nthe Corporation at the close of market is equal to or greater than $0.35 for\nany five (5) consecutive trading days. In that event, the holder will be given\nnotice that the Warrants will expire in thirty (30) days following the date of\nsuch notice. The Warrants may be exercised by the holder during the 30-day\nperiod between the notice and the expiration of the Warrants.\n\n\nAs consideration for the services rendered by Limited Market Dealer\nGroup Inc. ("LMD") in connection with the private placement, the Corporation\nhas paid to LMD a finder's fee in the form of common shares of the Corporation\nequal to 5 % of the number of FT Units subscribed for and finder's options\nequal to 10% of the number of FT Units subscribed for (the "Compensation\nOptions") which entitle the holder to purchase units (the "Compensation\nUnits") at an exercise price of $0.25 per Compensation Unit for a 24-month\nperiod following the closing of the private placement. Each Compensation Unit\nconsists of one common share and one common share purchase warrant entitling\nits holder to purchase one additional common share of the Corporation under\nthe same terms as the Warrants issued to subscribers.\n\n\nAll the securities issued in virtue of this placement are subject to\ncertain resale restrictions imposed under the applicable securities laws,\...