Coronation Minerals Inc.

June 06, 2008 09:04 ET

Coronation Minerals Inc. Closes Private Placement Financing to Raise $4,869,300

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


Coronation Minerals Inc. (TSX VENTURE:CMV)("Coronation") announces today that it has closed its previously announced non-brokered offering to raise gross proceeds of $4,869,300. The offering was over-subscribed resulting in additional gross proceeds of $108,300 over the maximum size of the offering as announced in Coronation's press release of May 12, 2008.

Pursuant to the offering, Coronation issued an aggregate of (i) 9,862,778 flow-through units ("FT Units") at $0.18 per FT Unit, and (ii) 17,188,888 hard dollar units ("HD Units") at $0.18 per Unit. Each FT Unit is 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 is comprised of one Common Share and one Warrant.

Insiders of Coronation, and their affiliates, subscribed for 800,000 of the FT Units and 3,568,888 of the HD Units being distributed under the Placement. All securities issued in connection with the offering are subject to a statutory hold period expiring on October 6, 2008.

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 private placement remains subject to the final approval of the TSX Venture Exchange.

Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Coronation, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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

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