MONTREAL, Dec. 6 /CNW/ - Stellar Pacific Ventures Inc. (the
"Corporation") (TSX-V: SPX) is pleased to announce the closing of the first
and second tranches of a private placement through the sale of 284 units (the
"Units"), at a price of $1,500 per Unit, for total gross proceeds of $426,000.
Each Unit is comprised of 8,000 flow-through common shares, 2,000 common
shares and 10,000 transferable share purchase warrants (each a "Warrant" and
collectively, 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. An insider of the Corporation has subscribed to 16 Units in
the second tranche.
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 $0.20
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
All the securities issued pursuant to this placement are subject to
certain resale restrictions which require that the securities not be traded
before March 30, 2007 and April 6, 2007.
These two tranches are part of a contemplated private placement of up to
375 Units, for total gross proceeds of up to $562,500. The proceeds from the
sale of Units will be used by the Corporation to fund exploration activities
and incur Canadian exploration expenditures (CEE) on the Corporation's
properties located in the Province of Québec.
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.
For further information:
For further information: Mr. Michel Lemay, President and Chief Executive
Officer, Tel.: (514) 866-6299, Fax: (514) 866-8096