MONTREAL, QUEBEC--(Marketwire - April 20, 2012) - Stellar Pacific Ventures Inc. ("Stellar"), (TSX VENTURE:SPX.V - News) announces that is has closed the second tranche of a non-brokered private placement, April 17, 2012, raising gross proceeds of $124,000 through the issuance of 1,550,000 units priced of $0.08 each. Each unit consists of one common share and one half of one common share purchase warrant entitling the holder to purchase one additional common share, for a period of 18 months from closing, at a purchase price of $0.15 each. The proceeds will be used to advance Stellar's Balandougou project in Guinea, West Africa.
In connection with the private placement a finder's fee in the amount of $8,400 was paid in cash and 105,000 finder's warrants were issued. Each non-transferable finder warrant entitles the holder to purchase one common share of Stellar at a price of $0.08 for a period of 12 months from closing.
All securities issued pursuant to the private placement are subject to a four-month and one day hold period and the private placement is subject to approval by the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
- TSX Venture Exchange