RE: Rock ...pp @ .40????Hey Bigo24, read this news below which would be similar to NWI.TO:
Stellar intend to distribute 8,750,000 common shares of its subsidiary Stelmine Canada Ltd to its shareholders
Wednesday December 20, 9:59 am ET
LAVAL, QC, Dec. 20 /CNW/ - Stellar Pacific Ventures inc. (the "Corporation") (SPX) is pleased to announce the reorganization of certain of the Corporation's assets in order to concentrate its efforts on the development of the Vassan and others projects. Stelmine Canada Ltd. ("Stelmine"), a newly created subsidiary, will carry out the exploration and development of the other projects on different properties.
Subject to an approval of a stock exchange for the listing of the common shares of the share capital of Stelmine, the Corporation will distribute approximately 8,750,000 common shares of Stelmine to its shareholders as a dividend, on the basis of one (1) Stelmine common share for every five (5) issued and outstanding common shares of the Corporation. These shares will be distributed to shareholders of record on the day immediately preceding the date of listing of Stelmine shares on a recognized Canadian Stock Exchange. The shareholders of Stellar will thus receive shares of Stelmine in proportion to the number of Stellar shares held by them.
The Corporation will thereafter transfer certain of its mining properties to Stelmine.
In connection with the distribution, Stelmine also intends to complete a prospectus offering of a maximum of 2,500,000 common shares at a price of $0.40 per share, for gross proceeds of up to $1,000,000.
The distribution by the Corporation of the Stelmine shares is subject to the a number of conditions, including: (i) shareholders' approval of the asset transfer at the annual and special meeting of the Corporation; (ii) conditional listing of the common shares of Stelmine on the TSX Venture Exchange; and (iii) a receipt from the Autorité des marchés financiers for Stelmine's final prospectus in respect of the distribution and the offering.
The above transactions will allow the Corporation to concentrate its efforts and accelerate the development of the Vassan and other projects and will also allow the continuation of the exploration on the other properties via Stelmine. The dividend by the Corporation will allow its shareholders to benefit from the anticipated exploration successes of Stelmine.
Stellar Pacific Venture Inc. is a junior mining exploration corporation, the securities of which are listed on the TSX Venture Exchange whose primary objective is to develop and bring into production viable gold deposits