LAVAL, QC, April 12 /CNW/ - Stellar Pacific Ventures Inc. ("Stellar" or the "Corporation") (SPX: TSXV) is pleased to announce that it will proceed with the distribution of common shares of its wholly-owned subsidiary Stelmine Canada Ltd. ("Stelmine") to its shareholders and with the transfer of certain of its properties to Stelmine.
Stellar will proceed with the sale to Stelmine of its Opinaca properties covering 2,395 hectares and its Aiguebelle and Clericy properties for a total cash consideration of $30,000 and the issuance of 1,050,000 common shares of its share capital, at a deemed value of $0.30 per share, for a total consideration of $345,000. The book value for these properties is $321,171 as of February 28, 2007. This value is an accounting entry that is unrelated to the market value of the properties, which as not been determined. These properties are all qualified and supported by technical report pursuant to National Instrument 43-101. Furthermore, Stelmine entered into an agreement with an arm's length party entitling it to acquire a 100% interest in 85 cells covering 1,360 hectare located in the Opinaca area for a cash consideration of $11,350 and the issuance of 125,000 common shares of its share capital.
Stellar will also distribute approximately 8,750,000 common shares of Stelmine to its shareholders as a dividend, on the basis of one (1) Stelmine common share for every five and a half (5.5) issued and outstanding common shares of the Corporation. These shares will be distributed to shareholders of record at the close of business on May 2, 2007.
The above-mentioned transactions are subject to regulatory and TSX Venture Exchange approval.
Stellar Pacific Venture Inc. is a junior mining exploration corporation, the securities of which are listed 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.