LAVAL, QC, Nov. 17 /CNW/ - Stellar Pacific Ventures Inc. ("Stellar") has
closed the first tranche of a private placement of 248 Series A units for
gross proceeds of $272,800 and 1 series B unit for gross proceeds of $10,000.
Each Series A unit consists of 6,000 flow-through common shares at a
price of $0.15 per share for a total of $900 and 2,000 common shares at a
price of $0.10 per share for a total of $200; and 8,000 common share purchase
warrants of Stellar. Each warrant entitles its holder thereof to subscribe for
one additional common share at a price of $0.15 at any time for an initial
period of 12 months after the date of closing and thereafter at a price of
$0.20 for an additional period of 12 months.
Each Series B unit consists of 10,000 common shares at a price of $0.10
per share for a total of $1,000; and 10,000 common share purchase warrants of
Stellar. Each warrant entitles its holder thereof to subscribe for one
additional common share at a price of $0.15 at any time for an initial period
of 12 months after the date of closing and thereafter at a price of $0.20 for
an additional period of 12 months after the date of closing.
A commission of 10 per cent of the gross proceeds raised under this
offering is payable to certain agents who acted as such pursuant to an
offering memorandum dated October 1, 2006. The agent will also receive agent's
options equal in number to 10 per cent of the number of common shares sold
under the private placement. Each agent's option shall entitle the holder
thereof to purchase one common share of Stellar at an exercise price of $0.15
at any time for a period of 12 months after the date of closing.
The securities issued under this private placement will be subject to a
four-month hold period expiring on March 17, 2007.
The proceeds of the private placement will be used to finance exploration
activities and incur Canadian exploration expenditures (CEE) on the Vassan
property, and for general working capital working purposes.
"Michel Lemay"
Michel Lemay
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
