Southern Cross Gold Consolidated Ltd. press release
Stellar closes a private placement
TSX - Toronto Stock Exchange · Australia
LAVAL, Feb. 7 /CNW Telbec/ - Stellar Pacific Ventures Inc. has closed its private placement of 286 Series B units for gross proceeds of $286,000 pursuant to an offering memorandum dated Nov. 8, 2005. Each unit, at a price of $1,000, consists of: 10,000 common shares at a price of 10 cents per share and 10,000 common share purchase warrants of Stellar. Each warrant entitles its holder thereof to subscribe for one additional common share at a price of 15 cents at any time for a period of 12 months after the first date of the closing. A commission of 10 per cent of the gross proceeds raised under this offering may be payable to certain agents which acted as such pursuant to the offering memorandum. The agent may also receive agent's options equal in number to 10 per cent of the number of common shares sold under the private placement. Each agent's option will entitle the holder thereof to purchase one common share of Stellar at an exercise price of 13 cents until Dec. 30, 2006. The securities issued under this private placement will be subject to a four-month hold period expiring on June 4, 2006. The proceeds of the private placement will be used for working programs on company's properties and for working capital purposes.
"Michel Lemay"
Michel Lemay President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release.