Stelmine Canada Ltd. announces the closing of its $1,365,000 initial public offering



    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.

    %SEDAR: 00007510EF




For further information:

For further information: Michel Lemay, President and Chief Executive
Officer, (514) 866-6299, (514) 866-8096 (fax)

Organization Profile

STELLAR PACIFIC VENTURES INC.

More on this organization

STELMINE CANADA LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890