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