MONTREAL, QUEBEC--(Marketwire - Oct. 17, 2011) - Stellar Pacific Ventures Inc. (the "Company") (TSX VENTURE:SPX) announces that is has arranged a non brokered private placement financing to raise proceeds of $750,000.
The Company will issue a maximum of 10,000,000 units (the "Unit(s)") at a purchase price of $0.075 each. Each Unit will consist of one common share and one common share purchase warrant (the "Warrant"). Each Warrant will entitle the holder to purchase one additional common share in the capital of the Company, for a period of twenty four months, at a purchase price of $0.10 each.
The securities issued pursuant to the private placement will be subject to a four month hold period.
The Private Placement is subject to approval by the TSX Venture Exchange.
The net proceeds from the Offering will be used to advance the Company's BALANDOUGOU project in Guinea West Africa.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.