Coronation Minerals Inc.
TSX VENTURE : MSA

September 26, 2005 16:40 ET

Coronation Minerals Inc.: Press Release

TORONTO, ONTARIO--(CCNMatthews - Sept. 26, 2005) - Coronation Minerals Inc. (TSX VENTURE:MSA) ("Company") announces that it has closed on the second and final round of two non-brokered private placements that were originally 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 23, 2005 the Company closed on 4,373,120 Units for proceeds of $1,093,280; and 1,986,667 Flow-Through Shares for flow-through proceeds of $596,000.10, bringing total proceeds under the Units sold to $1,500,000; and total proceeds under the Flow-Through Shares sold to $1,000,000.

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 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.
    347 Bay Street, Suite 301
    Toronto, ON M5H 2R7
    or
    Coronation Minerals Inc.
    Attention: Peter W. Holmes C.E.O.
    (520) 240-5306
    http://www.coronationminerals.com/