Silver North Resources Ltd. press release
Stellar and Stelmine announce the record date for dividend and the listing date of Stelmine's shares
TSXV - TSX Venture Exchange · Silver · Gold · Lead · Zinc · Copper · Canada
LAVAL, QC, Jan. 18 /CNW/ - Following the closing of the initial public offering of Stelmine Canada Ltd. ("Stelmine") (TSX-V: STH) on December 31, 2007, Stellar Pacific Ventures Inc. ("Stellar") (TSX-V: SPX) will distribute an aggregate of 2,400,000 of common shares of Stelmine held by Stellar to the shareholders of Stellar by way of dividend in kind (the "Distribution").
The approvals of the regulatory authorities having jurisdiction over Stellar and Stelmine's securities have not been obtained to Stellar and Stelmine's satisfaction with respect to the number of shares to be distributed as dividend and the previously announced record date.
For these reasons, Stellar and Stelmine mutually agreed that Stellar will return 6,350,000 Common Shares to Stelmine, for no consideration, and that Stelmine will cancel those shares so that the dividend in kind declared by Stellar will henceforth be 2,400,000 common shares of Stelmine and will establish a new record date as of the close of business on January 30, 2008 (the "Distribution Record Date") in compliance with the requirements of the regulatory authorities.
Stellar shareholders will get their pro-rata share of the 2,400,000 Stelmine shares being distributed, on the basis of approximately one Stelmine common shares for every 25 common shares of Stellar held as of the close of business on January 30, 2008.
No fractional common shares will be distributed in connection with the Distribution and shareholders of Stellar will not receive any payment in lieu of fractional shares.
On December 20, 2007, the TSX Venture Exchange ("TSX-V") granted conditional approval for the listing of the common shares of Stelmine. It is expected that the common shares of Stelmine will commence trading on the TSX-V on January 28, 2008 under the symbol "STH".
The common shares of Stellar will commence to trade on an "ex-dividend" basis on the TSX-V on January 28, 2008. In other words, the common shares of Stellar purchased after Friday January 25, 2008, will not entitle their holder to participate in the Distribution.
Definitive certificates representing the common shares of Stelmine will be delivered to the registered holders entitled thereto after the Distribution Record Date.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this press release.
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