Stellar Pacific Ventures Inc.

Stellar Pacific Ventures Inc.

December 30, 2009 15:52 ET

Stellar Pacific Ventures Inc. Closes Financing of $300,000 With MineralFields

MONTREAL, QUEBEC--(Marketwire - Dec. 30, 2009) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar") is pleased to announce the closing of a non-brokered private placement of $300,000 through the sale of 3,750,000 flow-through units (each a "FT Unit" and collectively, the "FT Units") at $0.08 each to the MineralFields Group ("MineralFields"). Each FT Unit consists of one flow-through common share and one common share purchase warrant, each whole common share purchase warrant entitling MineralFields to purchase one additional common share of Stellar at the price of $0.12 during a period of 24 months following the closing date.

As consideration for the services rendered by Limited Market Dealer Inc. ("LMD") in connection with the private placement, Stellar has paid to LMD a cash finder's fee of $15,000 and issued 375,000 finder's options, each finder's option entitling its holder to purchase one unit of Stellar (each, a "Finder's Unit") at the price of $0.08 per Finder's Unit for a period of 24 months following the closing date. Each Finder's 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 FT Units.

"We are pleased to be entering into this relationship with MineralFields Group", said Raymond Cloutier, President and CEO. "This is an important milestone in the growth of Stellar Pacific Ventures Inc. and we look forward to working with MineralFields Group as we develop holdings in the Quebec regions."

Proceeds of the private placements will be used by Stellar to incur exploration expenditures on its properties located in the Province of Quebec.

About Stellar Pacific Ventures Inc.

Stellar is a junior mining company engaged in both domestic and international mineral exploration and development. At present, Stellar has two major projects in Quebec located in the Abitibi area.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at First Canadian Securities ® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities ®.

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.

Contact Information

  • Raymond Cloutier
    President and CEO
    514-866-8096 (FAX)