Stellar Pacific Ventures Inc.
TSX VENTURE : SPX

Stellar Pacific Ventures Inc.

December 23, 2010 10:43 ET

Stellar Pacific Ventures Inc. Completes the Second Tranche of a Common Share Units and Flow-Through Units Offering and Increases the Maximum Number of B Units Offered in the Course...

...of the Offering to Up to 1,500 B Units

MONTRÉAL, QUÉBEC--(Marketwire - Dec. 23, 2010) - Stellar Pacific Ventures Inc. (TSX VENTURE:SPX) ("Stellar") is pleased to announce the completion of the second tranche of a brokered private placement previously announced of A Units and B Units. A total of 83 A Units at a purchase price of $800 per A Unit and 286 B Units at a purchase price of $980 per B Unit have been issued for total gross proceeds of $346,680 (the "Second Tranche").

The A Units consists of ten thousand (10,000) common shares at a price of $0.08 per share and five thousand (5,000) common share purchase warrant. Each whole warrant entitles the holder thereof to purchase one additional common share in the capital of Stellar during a period of 24 months ending on December 8, 2012, at a purchase price of $0.15 per share.

The B Units consists of nine thousand (9,000) flow-through common shares at a price of $0.10 per share, one thousand (1,000) common shares at a price of $0.08 per share and five thousand (5,000) common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share in the capital of Stellar during a period of 24 months ending on December 8, 2012, at a purchase price of $0.18 per share.

All securities issued in the course of the Second Tranche will be subject to a hold period of four months and one day.

Furthermore, subject to the approval of the TSX Venture Exchange, Stellar announces that it increases the maximum number of B Units offered in the course of the offering to up to 1,500 B Units.

As consideration for the services rendered by Jones, Gable & Company Limited ("Jones, Gable") in connection with the Second Tranche, Stellar has paid to Jones, Gable a cash commission of $33,198 and issued 16 agent's options (each an "Agent's Option"). Also as consideration for the services rendered in connection with the Second Tranche, Stellar has issued 16 Agent's Options to Macquarie Private Wealth Inc. and 5 Agent's Options to Fin-XO Securities Inc. Each Agent's Option entitling its holder thereof to purchase one agent's unit of Stellar (each an "Agent's Unit") at the price of $800 per Agent's Unit for a period of 24 months ending on December 8, 2012. Each Agent's Unit consists of 10,000 common share (each an "Agent's Unit Share") and 5,000 non-transferable common share purchase warrants of Stellar (each an "Agent's Unit Warrant"). Each Agent's Unit Warrant entitle its holder thereof to acquire one additional common share (an "Agent's Unit Warrant Share") at a price of $0.15 per share during a period of 24 months endind on December 8, 2012.

Proceeds of the A Units will be used for general working capital purposes. Proceeds of the B Units will be used to incur general exploration expenses in Quebec. Said expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year.

This news release may contain forward looking statements including but not limited to comments regarding 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.

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