MONTREAL, QUEBEC--(Marketwire - Feb. 12, 2013) - STELLAR PACIFIC VENTURES INC. (the "Corporation") (TSX VENTURE:SPX) announces that a consolidation of its common shares (the "Shares") and a change of name will be considered by its shareholders at the upcoming annual and special meeting of shareholders scheduled February 22, 2013.
The Corporation, like many other junior exploration companies, has suffered from the market downturn and its share price continues to hinder its development despite continuous effort and success in the development of the considerable potential of its gold properties in Guinea and in Mali. Management therefore believes that the share consolidation will provide greater financial accessibility and could better position the Corporation to raise the funds it requires to finance its ongoing business. However, the basis for the Share consolidation has not been determined yet as Management wants to consider market conditions before proceeding. The shareholders will therefore be asked to approve a consolidation ratio to be determined by Management at a later date, but to fall within the following range: a lower limit of a consolidation on a basis of seven (7) pre-consolidation Shares for one (1) post-consolidation Share and an upper limit of ten (10) pre-consolidation Shares for one (1) post- consolidation Share. At this time, there are 130,124,269 Shares issued and outstanding. Pursuant to the consolidation, the Corporation will have a minimum of 13,012,269 Shares outstanding (if the Consolidation ratio is set at the Upper limit of 10:1) and a maximum of 18,589,181 Shares outstanding (if the Consolidation ratio is set at the Lower limit of 7:1).
In addition, the Board of Directors has put forth a resolution to change the name of "Stellar Pacific Ventures Inc." to "Stellar AfricaGold Inc.". The purpose of this change is to better reflect the Corporation's African exploration focus.
Please see the Corporation's disclosure documents on www.sedar.com for more details on the proposed resolutions. In order to be effective, the consolidation and name change resolutions must be approved by at least two-thirds of the shareholder votes cast at the Meeting and be accepted by the TSX Venture Exchange.