Stelmine Canada Ltd. obtains receipt for final prospectus

About this update from Stellar Africagold, Inc.

[{"type":"text","content":"\n\n\n\nLAVAL, QC, Dec. 24 /CNW/ - Stelmine Canada Ltd. ("Stelmine"), a\nsubsidiary of Stellar Pacific Ventures Inc. ("Stellar"), announces that it has\nobtained a receipt for a final prospectus for the distribution of a minimum of\n900 Series "A" Units ("A Units") and 300 Series "B" Units ("B Units") (the\n"Minimum Offering") and a maximum of 1,050 A Units and 300 B Units (the\n"Maximum Offering") for gross proceeds of $1,215,000 in the event the Minimum\nOffering is subscribed and $1,365,000 in the event the Maximum Offering is\nsubscribed.\n\n\nCanaccord Capital Corporation will act as agent for Stelmine's initial\npublic offering.\n\n\nEach A Unit, offered at a price of $1,000, includes (i) 2,600\nflow-through common shares of Stelmine ("Flow-Through Shares") within the\nmeaning of the federal Income Tax Act and the Quebec Taxation Act at a price\nof $0.30 per Flow-Through Share, (ii) 1,100 common shares of Stelmine ("Common\nShares") at a price of $0.20 per Common Share and (iii) 1,100 warrants\n("Warrants"), each Warrant entitling its holder to subscribe for one (1)\nadditional Common Share at a price of $0.25 during the 12-month period\nfollowing the initial closing and thereafter at a price of $0.30 until the\n24th month following the initial closing.\n\n\nEach B Unit, offered at a price of $1,050, includes (i) 5,250 Common\nShares at a price of $0.20 per Common Share and (ii) 5,250 Warrants, each\nWarrant entitling its holder to subscribe for one (1) additional Common Share\nat a price of $0.25 during the 12-month period following the initial closing\nand thereafter at a price of $0.30 until the 24th month following the initial\nclosing.\n\n\nThe net proceeds of the distribution will be used to complete exploration\nwork on the Opinaca property and for working capital purposes.\n\n\nStelmine has obtained, from the TSX Venture Exchange (the "Exchange"), a\nconditional approval to list its Common Shares for trading on the Exchange.\n\n\nConcurrently with the initial public offering, Stellar, the current sole\nshareholder of Stelmine, will distribute an aggregate of 2,400,000 Common\nShares of Stelmine held by Stellar to the shareholders of Stellar. The Board\nof Directors of Stellar will fix a record dat...

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