LAVAL, QC, Jan. 10 /CNW/ - Stellar Pacific Ventures Inc. (the "Corporation") (TSX-V: SPX) is pleased to announce the closing of a private placement through the sale of 197 units (the "Units"), at a price of $1,500 per Unit, for total gross proceeds of $295,500. Each Unit is comprised of 8,500 flow-through common shares, 1,500 common shares and 10,000 transferable share purchase warrants (the "Warrants"). Each Warrant entitles the holder thereof to purchase one additional common share of the Corporation at a price of $0.20 per common share for an initial 12-month period following the closing of the private placement and thereafter at a price of $0.30 for an additional 12- month period.
Subject to the approval of regulatory authorities having jurisdiction on the securities of the Corporation, the Corporation agreed to pay a cash commission representing 10% of the gross proceeds and to issue non-transferable broker warrants equal to 10% of the securities issued pursuant to this private placement. Each broker warrant entitles its holder to purchase one additional common share of the Corporation at a price of $0.15 per common share for a 12-month period following the closing date of the private placement.
All the securities issued pursuant to this placement are subject to certain resale restrictions which require that the securities not be traded before May 1, 2008.
The Corporation announced on December 6, 2007, the closing of two tranches of a private placement through the sale of an aggregate of 284 units for total proceeds of $426,000. The press release should have stated that the Corporation had closed a private placement of 298 units for total gross proceeds of $447,000.
Stellar Pacific Ventures Inc. is a junior mining exploration corporation, the securities of which are listed and posted for trading on the TSX Venture Exchange, whose primary objective is to develop and bring into production viable gold deposits.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.