Business
Stelmine Canada Ltd. obtains receipt for preliminary prospectus
Stelmine Canada Ltd. obtains receipt for preliminary prospectus.
About this update from Stellar Africagold, Inc.
[{"type":"text","content":"\n\n\n\nLAVAL, QC, Oct. 3 /CNW/ - Stelmine Canada Ltd. ("Stelmine"), a subsidiary\nof Stellar Pacific Ventures Inc. ("Stellar"), announces that it will proceed\nwith an initial public offering and that it has obtained a receipt for a\npreliminary prospectus for the distribution of a minimum of 900 Series "A"\nUnits ("A Units") and 300 Series "B" Units ("B Units") (the "Minimum\nOffering") and a maximum of 1,050 A Units and 300 B Units (the "Maximum\nOffering") for gross proceeds of $1,210,500 in the event the Minimum Offering\nis subscribed and $1,359,750 in the event the Maximum Offering is subscribed.\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 $995, includes (i) 2,000 flow-through\ncommon shares of Stelmine ("Flow-Through Shares") within the meaning of the\nfederal Income Tax Act and the Quebec Taxation Act at a price of $0.40 per\nFlow-Through Share, (ii) 975 common shares of Stelmine ("Common Shares") at a\nprice of $0.20 per Common Share and (iii) 975 warrants ("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\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 prospectus offering will be used to complete\nexploration work on the Opinaca property and for working capital purposes.\n\n\nAs disclosed by Stellar in press releases dated December 21, 2006 and\nApril 12, 2007 and subject to the approval of the TSX Venture Exchange,\nStellar will distribute approximately 8,750,000 common shares it holds in\nStelmine to its shareholders as a dividend. This transaction will allow\nStellar to concentrate its efforts on accelerating the development of its\nVassan ...