LAVAL, QC, Jan. 18 /CNW/ - Following the closing of the initial public
offering of Stelmine Canada Ltd. ("Stelmine") (TSX-V: STH) on December 31,
2007, Stellar Pacific Ventures Inc. ("Stellar") (TSX-V: SPX) will distribute
an aggregate of 2,400,000 of common shares of Stelmine held by Stellar to the
shareholders of Stellar by way of dividend in kind (the "Distribution").
The approvals of the regulatory authorities having jurisdiction over
Stellar and Stelmine's securities have not been obtained to Stellar and
Stelmine's satisfaction with respect to the number of shares to be distributed
as dividend and the previously announced record date.
For these reasons, Stellar and Stelmine mutually agreed that Stellar will
return 6,350,000 Common Shares to Stelmine, for no consideration, and that
Stelmine will cancel those shares so that the dividend in kind declared by
Stellar will henceforth be 2,400,000 common shares of Stelmine and will
establish a new record date as of the close of business on January 30, 2008
(the "Distribution Record Date") in compliance with the requirements of the
Stellar shareholders will get their pro-rata share of the
2,400,000 Stelmine shares being distributed, on the basis of approximately one
Stelmine common shares for every 25 common shares of Stellar held as of the
close of business on January 30, 2008.
No fractional common shares will be distributed in connection with the
Distribution and shareholders of Stellar will not receive any payment in lieu
of fractional shares.
On December 20, 2007, the TSX Venture Exchange ("TSX-V") granted
conditional approval for the listing of the common shares of Stelmine. It is
expected that the common shares of Stelmine will commence trading on the TSX-V
on January 28, 2008 under the symbol "STH".
The common shares of Stellar will commence to trade on an "ex-dividend"
basis on the TSX-V on January 28, 2008. In other words, the common shares of
Stellar purchased after Friday January 25, 2008, will not entitle their holder
to participate in the Distribution.
Definitive certificates representing the common shares of Stelmine will
be delivered to the registered holders entitled thereto after the Distribution
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
For further information:
For further information: Mr. Michel Lemay, President and Chief Executive
Officer, Tel.: (514) 866-6299