Coronation Minerals Inc.

September 15, 2005 16:02 ET

Coronation Minerals Inc. Press Release

TORONTO, ONTARIO--(CCNMatthews - Sept. 15, 2005) - Coronation Minerals Inc. ("Company") (TSX VENTURE:MSA) announces that it has closed on the first round of two separate non -brokered private placements that are both being sold concurrently. The private placements were both previously disclosed to the market in a press release on August 17, 2005.

The first placement ("Unit Placement") is for up to 4,000,000 units ("Units") at $0.25 a Unit. Each Unit comprised of one common share and one share purchase warrant, each whole warrant being exercisable for a period of two (2) years at an exercise price of $0.35. The second placement ("Flow-Through Placement") is for up to 3,333,333 flow-through common shares ("Flow-Through Shares") at $0.30 per Flow-Through Share.

On September 14, 2005 the Company closed on 1,626,880 Units for proceeds of $406,720; and 1,346,666 Flow-Through Shares for flow-through proceeds of $471,333,10. The Company intends to close on the remaining unsold portion of the Unit Placement and the Flow-Through Placement within the timeframe allowed under the obtained TSX Venture Exchange conditional approvals.

The full proceeds of the Flow-Through Placement and partial proceeds from the Unit Placement will be expended on the Company's Wellgreen, Yukon and Coppermine Nunavut properties. Certain proceeds from the Unit Placement will also be used to fund general working capital and for other corporate purposes.

As noted, neither the Unit Placement nor the Flow-Through Placement were brokered and no commission was or will be payable on the proceeds. The securities issued under the Flow-Through Placement and the Unit Placement are all subject to a four-month resale restriction and both offerings are subject to TSX Venture Exchange approval.

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.
    Peter W. Holmes
    (520) 240-5306
    Coronation Minerals Inc.
    347 Bay Street, Suite 301
    Toronto, ON M5H 2R7