Castillian Resources Corp.

Castillian Resources Corp.

March 11, 2005 18:51 ET

Castillian Completes $1,000,000 Private Placement Financing


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CASTILLIAN RESOURCES CORP.

TSX VENTURE SYMBOL: CT

MARCH 11, 2005 - 18:51 ET

Castillian Completes $1,000,000 Private Placement
Financing

TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - Castillian Resources
Corp. (TSX VENTURE:CT) wishes to clarify the pricing of its recent
private placement. The Company completed a private placement offering of
3,571,428 Units at $0.28 per Unit for gross proceeds of $1,000,000. Each
Unit consists of one common share and one whole common share purchase
warrant. Each Warrant entitles the holder to acquire one Common Share,
exercisable at a price of $0.37 per share until February 7, 2007. Each
of the Common Shares and the shares issued upon the exercise of the
Warrants will be subject to a hold period that will expire on June 9,
2005.

The company has granted 650,000 options to officers, directors and
consultants of the company to purchase common shares at $0.41 per share,
subject to regulatory approval.

The proceeds will be used by the Company for exploration purposes as
well as for general corporate purposes. In connection with the
financing, Forbes & Manhattan, Inc. was provided with a finder's fee of
$98,250.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Castillian Resources Inc.
    Tony Wonnacott
    President
    (416) 861-5879
    THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY
    OR ACCURACY OF THIS RELEASE.