MONTREAL, QUEBEC--(Marketwire - May 16, 2011) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar" or the "Company") announces the closing of a brokered private placement offering and has raised $686,000 through the issuance of 6,686,000 units (the "Units") at a price of $0.10 per Unit. Each Unit is comprised of one common share and one common share purchase warrant which entitles the holder to purchase one additional common share of Stellar for a period of twenty four months from the date of issuance, at a purchase price of $0.20 per common share.
Total commissions of $47,280 were paid by the Company and 591,000 units ("Agent Unit") were issued to D&D Securities Inc. (the "Agent") as consideration for arranging the private placement. Each Agent Unit priced at $0.10, entitles the Agent to receive one common share and one share purchase warrant allowing for the purchase of one additional common share at a price of $0.20 for a period of two years from the date of issuance.
The net proceeds will be used to advance the Company's BALANDOUGOU project in Guinea West Africa as well as for the acquisition of new projects in Africa and for general working capital purposes.
No directors, officers and insiders of the Company have participated in the Private Placement. The securities issued will be subject to a hold period of four months and one day.
About Stellar Pacific Ventures
Stellar Pacific Ventures (TSX VENTURE:SPX) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in West Africa.
Stellar is dedicated to creating growth by discovering and mining the earth's resources in an efficient and environmentally responsible manner.
The Private Placement will be subject to final approval of 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. This news release may contain forward-looking statements including but not limited to comments regarding the financing of the Company and the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.