June 15, 2005 18:16 ET

Colonia Completes Change of Control and Financing

CALGARY, ALBERTA--(CCNMatthews - June 15, 2005) -

Not for dissemination in the United States of America

COLONIA CORPORATION (NEX:CRP.H) (the "Corporation") announces that the previously announced acquisition by Donald G. Campbell and George P. Bowley (collectively, the "Purchasers") from James G. Evaskevich and Gordon A. Bowerman (collectively, the "Vendors") of an aggregate of 5,000,000 common shares (the "Shares") for an aggregate price of $250,000, being $0.05 per share, has closed.

The board of directors of the Corporation now consists of Gordon Bowerman, Donald G. Campbell and George P. Bowley, and Donald G. Campbell is the President, Chief Executive Officer and Chief Financial Officer of the Corporation.

Further, the Corporation has completed the previously announced private placement of 5,833,333 units ("Units") at a price of $0.06 per unit (the "Private Placement"). Each Unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.10 per share for a period of one year (the "Warrants"). The common shares issued as part of the Units are subject to a hold period of four months and one day. The Corporation intends to use the proceeds from the Private Placement to pay outstanding accounts payable and as general working capital.

Further, the Corporation also granted stock options to purchase 886,833 common shares at a price of $0.10 per share to directors, officers and a consultant of the Corporation.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Colonia Corporation
    Donald G. Campbell
    (403) 540-2003