Coronation Minerals Inc.
TSX VENTURE : CMV

May 06, 2008 09:19 ET

Coronation Announces $4,140,000 Private Placement of Flow Through and Hard Dollar Units

TORONTO, ONTARIO--(Marketwire - May 6, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE US

Coronation Minerals Inc. (TSX VENTURE:CMV) ("Coronation") is pleased to announce a non-brokered private placement (the "Placement") of flow through units ("FT Units") at a price of $0.18 per FT Unit, and hard dollar units (" HD Units") at a price of $0.18 per HD Unit, for aggregate proceeds of up to $4,140,000.

Each FT Unit will be comprised of one flow through (within the meaning of the Income Tax Act (Canada)) common share (a "Common Share") of Coronation and one half of one Common Share purchase warrant (each whole such Common Share purchase warrant, a "Warrant") which is not a flow share under the Income Tax Act (Canada). Each HD Unit will be comprised of one Common Share and one Warrant.

Each Warrant will be exercisable to acquire one Common Share at a price of $0.30 until the date that is 18 months following the closing date of the Placement provided that if after four months has elapsed from the closing date of the Placement, the closing price of the Common Shares for any 20 consecutive trading days exceeds $0.50 Coronation may accelerate the expiry date to the date which is the later of (i) 30 days following the date of mailing of written notice of the accelerated expiry date to holders of the Warrants; and (ii) 30 days following the date a press release is issued by Coronation announcing the accelerated expiry date.

Insiders of Coronation, and their affiliates, are expected to subscribe for up to 25% of the securities being distributed under the Placement.

Coronation intends to use the net proceeds of the Placement for the exploration and development of its Copper-Nickel-Platinum-Palladium prospects in the Yukon and Nunavut Territories and for general working purposes.

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

Contact Information

  • Coronation Minerals Inc.
    John Patrick Sheridan
    (416) 628-5936
    (416) 628-5935 (FAX)
    Email: psheridan@guygold.com