LAVAL, QC, Jan. 2 /CNW/ - Stelmine Canada Ltd. ("Stelmine" or the
"Corporation") announces the closing of its initial public offering for the
distribution of 1,050 series A Units ("A Units") and 300 series B Units
("B Units") for gross proceeds of $1,365,000.
The net proceeds of the offering will be used to complete exploration
work on the Opinaca property and for working capital purposes.
The offering was made through Canaccord Capital Corporation ("Canaccord")
under an agency agreement. In consideration of the services performed by
Canaccord, the Corporation paid to Canaccord a commission equal to 10% of the
gross proceeds of the financing. Canaccord also received, as additional
compensation: (i) non transferable broker warrants allowing it to acquire a
number of common shares of the Corporation equal to 10% of the number of the
common shares of the Corporation subscribed as part of the distribution of the
A and B units, that is, 546,000 common shares, which may be exercised until
December 31, 2009, at a price of $0.20 per share and (ii) 300,000 common
shares of the Corporation.
Stelmine obtained from the TSX Venture Exchange (the "Exchange") a
conditional approval to list its common shares for trading. The final approval
is conditional upon Stelmine meeting with all the Exchange's requirements. It
is anticipated that the common shares of Stelmine will be listed and posted
for trading on the Exchange in January 2008 under the symbol "STH".
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Michel Lemay, President and Chief Executive
Officer, (514) 866-6299, (514) 866-8096 (fax)