Stellar Pacific Ventures Inc. Closes Financings for an Aggregate Amount of $503,000
1155 rue University, Suite 812 Montréal, Québec H3B 3A7 Telephone: (514) 866-8209, Fax: (514) 866-8096
NEWS RELEASE
Montréal, Québec, Canada January 6, 2010
STELLAR PACIFIC VENTURES INC. CLOSES FINANCINGS FOR AN AGGREGATE AMOUNT OF $503,000
Montréal, January 6, 2010 – Stellar Pacific Ventures Inc. (TSX-V: SPX) ("Stellar") is pleased to announce the closing of a $218,000 private placement through the sale of 218 units at a price of $1,000 (the "$1,000 Units"), each $1,000 Unit consists of 11,250 flow-through shares, 2,000 common shares and 13,250 common share purchase warrants. Each common share purchase warrant entitles its holder to purchase one additional common share of Stellar at a price of $0.12 during a period of 24 months following the closing date.
Stellar also closed a $285,000 private placement through the sale of 5,700,000 units at a price of $0.05 (the "Cash Units"), each Cash Unit consists of one common share of Stellar and one common share purchase warrant entitling its holder to purchase one additional common share of Stellar at a price of $0.10 for a period of 24 months following the closing date.
A consideration for the services rendered by MGI Securities Inc. ("MGI") in connection with the sale of the Cash Units, Stellar agreed to issue to MGI 305,000 Cash Units as well as 305,000 broker’s warrants, each broker warrant entitling its holder to purchase one Cash Unit at a price of $0.05 each for a period of 24 months (each a "MGI Unit"). MGI Unit is comprised of one common share and one common share purchase warrant exercisable on the same terms as the common share purchase warrants comprising the Cash Units. MGI also received in connection with the private placement for $1,000 Units a cash commission of $2,000 as well as 2,000 broker’s warrants at a price of $0.12 each entitling its holder to purchase one common share for a period of 24 months following the closing date.
Insiders of Stellar have purchased an aggregate of $2,000 of $1,000 Units and an aggregate of $35,000 Cash Units under the private placement.
Proceeds of the private placements will be used by Stellar to incur Canadian exploration expenditures on its Vassan and Monster Lake properties located in the Province of Québec as well as for its Balandougou Property located in Guinea West Africa and for general working capital purposes.
About Stellar Pacific Ventures Inc.
Stellar is a junior mining company engaged in both domestic and international mineral exploration and development. Stellar is exploring for gold and has two major projects in Quebec, namely the Vassan Gold Project located on the famous Cadillac Fault, adjacent to Wesdome’s Kiena Gold Mine in Val D’Or in the Abitibi area.
Stellar also have the option to acquire 100% of the Monster Lake Project, being the former Soquem’s Fancamp Project, a well documented project, developed by SOQUEM from 1985 to 1995. SOQUEM partially outlined and described a gold mineralized corridor oriented NE/SW over a distance of more than 12 km and identified within the limit of company’s property four
(4) gold mineralized structures namely, the Structure 52, 45, Nouvelles and Eratix, all showing impressive gold content drill intersections.
The highlights of the company’s MONSTER LAKE PROPERTY are:
- More then 12 gold occurrences identified by showing and trenching along the
gold corridor within the limits of Monster Lake Property.
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More than 40 drill intersections grading over 1,0 g/t Au.
- Most of gold occurrences remains open laterally and vertically.
For further information, please contact:
Maurice Giroux President and CEO Telephone: 514-866-8209
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.
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