Stellar Pacific holders to vote on rollback, new name
2013-02-12 09:13 AT - News Release
Mr. Maurice Giroux reports
STELLAR PACIFIC VENTURES INC.: SHARE CONSOLIDATION AND CHANGE OF NAME TO BE PROPOSED AT SHAREHOLDERS ANNUAL AND SPECIAL MEETING FEBRUARY 22, 2013
A consolidation of Stellar Pacific Ventures Inc.'s common shares and a change of name will be considered by the company's shareholders at the upcoming annual and special meeting of shareholders scheduled Feb. 22, 2013.
The corporation, like many other junior exploration companies, has suffered from the market downturn and its share price continues to hinder its development despite continuous effort and success in the development of the considerable potential of its gold properties in Guinea and in Mali. Management therefore believes that the share consolidation will provide greater financial accessibility and could better position the corporation to raise the funds it requires to finance its business. However, the basis for the share consolidation has not been determined yet as management wants to consider market conditions before proceeding. The shareholders will therefore be asked to approve a consolidation ratio to be determined by management at a later date, but to fall within the following range: a lower limit of a consolidation on a basis of seven preconsolidation shares for one postconsolidation share and an upper limit of 10 preconsolidation shares for one postconsolidation share. At this time, there are 130,124,269 shares issued and outstanding. Pursuant to the consolidation, the corporation will have a minimum of 13,012,269 shares outstanding (if the consolidation ratio is set at the upper limit of 1:10) and a maximum of 18,589,181 shares outstanding (if the consolidation ratio is set at the lower limit of 1:7).
In addition, the board of directors has put forth a resolution to change the name of Stellar Pacific Ventures to Stellar AfricaGold Inc. The purpose of this change is to better reflect the corporation's African exploration focus.