LAVAL, QC, Dec. 28 /CNW Telbec/ - Stellar Pacific Ventures Inc. ("Stellar") has closed the second part of a private placement of 352 Series A units for gross proceeds of $387,200 and 30 series B unit for gross proceeds of $30,000.
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 April 29, 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
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