Coastport Capital Inc.
TSX VENTURE : CPP
FRANKFURT : C1J

Coastport Capital Inc.

May 02, 2007 16:35 ET

Coastport Capital Announces $4,000,000 Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) -

NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Mr. David Patterson, President of Coastport Capital Inc. (TSX VENTURE:CPP)(FRANKFURT:C1J) ("Coastport" or the "Company"), announces that it has entered into a letter of agreement with Canaccord Capital Corporation (the "Agent"), to raise up to $4,000,000 (the "Offering"). The Offering consists of up to 8,000,000 units at $0.50 per unit (the "Units"), for gross proceeds of approximately $4,000,000. In addition, the Agent may solicit subscriptions for additional proceeds of $1,000,000 by offering up to 2,000,000 additional Units. The Agent will advise of the exercise of the over-allotment option 48 hours prior to closing of the Offering.

Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at an exercise price of $0.60 per common share for 24 months from the date of closing (the "Warrants"). However, if over a period of 20 consecutive trading days between the date that is 4 months following the closing date and the expiry of the Warrant, the daily close price of the common shares on the TSX-V exceeds $1.20 on each of those 20 consecutive days, the Company will give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date.

The Company shall pay to the Agent, 8% of the gross proceeds raised, payable in cash and Agent's Warrants equal to 10% of the securities sold under the Offering. Each Agent's Warrant shall be exercisable for a period of 24 months from the date of closing at a price of $0.60 per share. The Agent shall also receive a corporate finance fee in cash and Units.

The Company plans to use the net proceeds of this financing primarily for advancement of its projects in Ecuador and for general corporate purposes.

The Offering is scheduled to close on or about May 28, 2007, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF COASTPORT CAPITAL INC.

David Patterson, President

This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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