Business
Stellar intend to distribute 8,750,000 common shares of its subsidiary Stelmine Canada Ltd to its shareholders
Stellar intend to distribute 8,750,000 common shares of its subsidiary Stelmine Canada Ltd to its shareholders.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Dec. 20 /CNW/ - Stellar Pacific Ventures inc. (the\n\"Corporation\") (SPX) is pleased to announce the reorganization of certain of\nthe Corporation's assets in order to concentrate its efforts on the\ndevelopment of the Vassan and others projects. Stelmine Canada Ltd.\n(\"Stelmine\"), a newly created subsidiary, will carry out the exploration and\ndevelopment of the other projects on different properties.\n\n\nSubject to an approval of a stock exchange for the listing of the common\nshares of the share capital of Stelmine, the Corporation will distribute\napproximately 8,750,000 common shares of Stelmine to its shareholders as a\ndividend, on the basis of one (1) Stelmine common share for every five (5)\nissued and outstanding common shares of the Corporation. These shares will be\ndistributed to shareholders of record on the day immediately preceding the\ndate of listing of Stelmine shares on a recognized Canadian Stock Exchange.\nThe shareholders of Stellar will thus receive shares of Stelmine in proportion\nto the number of Stellar shares held by them.\n\n\nThe Corporation will thereafter transfer certain of its mining properties\nto Stelmine.\n\n\nIn connection with the distribution, Stelmine also intends to complete a\nprospectus offering of a maximum of 2,500,000 common shares at a price of\n$0.40 per share, for gross proceeds of up to $1,000,000.\n\n\nThe distribution by the Corporation of the Stelmine shares is subject to\nthe a number of conditions, including: (i) shareholders' approval of the asset\ntransfer at the annual and special meeting of the Corporation; (ii)\nconditional listing of the common shares of Stelmine on the TSX Venture\nExchange; and (iii) a receipt from the Autorite des marches financiers for\nStelmine's final prospectus in respect of the distribution and the offering.\n\n\nThe above transactions will allow the Corporation to concentrate its\nefforts and accelerate the development of the Vassan and other projects and\nwill also allow the continuation of the exploration on the other properties\nvia Stelmine. The dividend by the Corporation will allow its shareholders to\nbenefit from the anticipated exploration successes of Stelmine.\n\n\nStellar Pacific Venture Inc. is a junior mining exploration corporation,\nthe securities of which are listed on the TSX Venture Exchange whose pr...