Business
Stellar closes the first and second tranches of a private placement
MONTREAL, Dec. 6 /CNW/ - Stellar Pacific Ventures Inc. (the "Corporation") (TSX-V: SPX) is please...
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nMONTREAL, Dec. 6 /CNW/ - Stellar Pacific Ventures Inc. (the\n"Corporation") (TSX-V: SPX) is pleased to announce the closing of the first\nand second tranches of a private placement through the sale of 284 units (the\n"Units"), at a price of $1,500 per Unit, for total gross proceeds of $426,000.\nEach Unit is comprised of 8,000 flow-through common shares, 2,000 common\nshares and 10,000 transferable share purchase warrants (each a "Warrant" and\ncollectively, the "Warrants"). Each Warrant entitles the holder thereof to\npurchase one additional common share of the Corporation at a price of\n$0.20 per common share for an initial 12-month period following the closing of\nthe private placement and thereafter at a price of $0.30 for an additional\n12-month period. An insider of the Corporation has subscribed to 16 Units in\nthe second tranche.\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 $0.20\nper common share for an initial 12-month period following the closing of the\nprivate placement and thereafter at a price of $0.30 for an additional\n12-month period.\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 March 30, 2007 and April 6, 2007.\n\n\nThese two tranches are part of a contemplated private placement of up to\n375 Units, for total gross proceeds of up to $562,500. The proceeds from the\nsale of Units will be used by the Corporation to fund exploration activities\nand incur Canadian exploration expenditures (CEE) on the Corporation's\nproperties located in the Province of Quebec.\n\n\nStellar Pacific Venture Inc. is a junior mining exploration corporation,\nthe securities of which are listed on the TSX Venture Exchange whose primary\nobjective is to develop and bring into production viable gold deposits.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor ...