LAVAL, QC, Feb. 13 /CNW/ - Stellar Pacific Ventures Inc. ("Stellar") has closed a private placement of 350 Series "A" units for gross proceeds of $350,000 and 201 Series "B" unit for gross proceeds of $211,050 for a total of $561,050.
Each Series "A" unit consists of 3,400 flow-through common shares at a price of $0.25 per share for a total of $850; 750 common shares at a price of $0.20 per share for a total of $150; and 750 common share purchase warrants of Stellar (the "Series "A" Warrants"). Each Series "A" Warrant entitles its holder thereof to subscribe for one additional common share at a price of $0.25 at any time for an initial period of 12 months after the date of closing and thereafter at a price of $0.30 for an additional period of 12 months. The Series "A" Warrants will be subject to an accelerated expiry if, anytime following four months and one day after the closing date, the weighted average trading price of the common shares of Stellar is greater than $0.35 for any 5 consecutive trading days.
Each Series "B" unit consists of 7,000 common shares at a price of $0.15 per share for a total of $1,050 and 7,000 common share purchase warrants of Stellar (the "Series "B" Warrants"). Each Series "B" Warrant entitles its holder thereof to subscribe for one additional common share at a price of $0.18 at any time for an initial period of 12 months after the date of closing and thereafter at a price of $0.24 for an additional period of 12 months after the date of closing. The Series "B" Warrants will be subject to an accelerated expiry if, anytime following four months and one day after the closing date, the weighted average trading price of the common shares of Stellar is greater than $0.30 for any 5 consecutive trading days.
A commission of 10% of the gross proceeds raised under this offering is payable to certain agents. The agents will also receive agents' options equal to 10% of the number of common shares sold under the private placement.
The securities issued under this private placement will be subject to a four-month hold period expiring on June 14, 2007.
The proceeds of the private placement will be used to finance exploration activities and incur Canadian exploration expenditures (CEE), and for general working capital working purposes.
Stellar Pacific Venture Inc. is a junior mining exploration company listed on the TSX-V whose primary objective is to develop and bring into production viable gold deposits.
Michel Lemay
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.