Business
Stellar to proceed with the distribution of 8.75 million shares of Stelmine Canada Ltd.
Stellar to proceed with the distribution of 8.75 million shares of Stelmine Canada Ltd..
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, April 12 /CNW/ - Stellar Pacific Ventures Inc. ("Stellar" or\nthe "Corporation") (SPX: TSXV) is pleased to announce that it will proceed\nwith the distribution of common shares of its wholly-owned subsidiary Stelmine\nCanada Ltd. ("Stelmine") to its shareholders and with the transfer of certain\nof its properties to Stelmine.\n\n\nStellar will proceed with the sale to Stelmine of its Opinaca properties\ncovering 2,395 hectares and its Aiguebelle and Clericy properties for a total\ncash consideration of $30,000 and the issuance of 1,050,000 common shares of\nits share capital, at a deemed value of $0.30 per share, for a total\nconsideration of $345,000. The book value for these properties is $321,171 as\nof February 28, 2007. This value is an accounting entry that is unrelated to\nthe market value of the properties, which as not been determined. These\nproperties are all qualified and supported by technical report pursuant to\nNational Instrument 43-101. Furthermore, Stelmine entered into an agreement\nwith an arm's length party entitling it to acquire a 100% interest in 85 cells\ncovering 1,360 hectare located in the Opinaca area for a cash consideration of\n$11,350 and the issuance of 125,000 common shares of its share capital.\n\n\nStellar will also distribute approximately 8,750,000 common shares of\nStelmine to its shareholders as a dividend, on the basis of one (1) Stelmine\ncommon share for every five and a half (5.5) issued and outstanding common\nshares of the Corporation. These shares will be distributed to shareholders of\nrecord at the close of business on May 2, 2007.\n\n\nThe above-mentioned transactions are subject to regulatory and TSX\nVenture Exchange approval.\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 accuracy of this press release.\n\n\n","length":2153,"tagName":"div"}]