MONTREAL, QUEBEC--(Marketwire - March 9, 2012) - Stellar Pacific Ventures Inc. ("Stellar"), (TSX VENTURE:SPX) announces that is has closed a first tranche in a non brokered private placement, raising gross proceeds of $174,000. A second tranche is expected to be completed in the upcoming week. The terms of the private placement provide for the issuance of a maximum of 12,500,000 units at a purchase price of $0.08 each, for total gross proceeds of $1,000,000. Each consists of one common share and one half of one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share in the capital of Stellar, for a period of 18 months from closing, at a purchase price of $0.15 each.
The net proceeds will be used to advance Stellar's Balandougou project in Guinea, West Africa.
In connection with the first completed tranche, a finder's fee in the amount of $6,400 was paid in cash and 80,000 finder's warrants were issued. Finder's fees of up to 10% in cash and 10% in finder's warrants may be payable on the remaining Private Placement. Each finder's 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.