Opta Minerals Inc.

Opta Minerals Inc.

March 16, 2005 09:38 ET

Opta Minerals Inc. Closes Over-Allotment Option


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: OPTA MINERALS INC.

TSX SYMBOL: OPM

MARCH 16, 2005 - 09:38 ET

Opta Minerals Inc. Closes Over-Allotment Option

WATERDOWN, ONTARIO--(CCNMatthews - March 16, 2005) - Not for
Dissemination in the United States or to U.S. Persons

Opta Minerals Inc. (TSX:OPM) announced that the over-allotment option
granted to the underwriters in connection with the company's initial
public offering was exercised in full and has closed for gross proceeds
of $1,800,000, bringing the aggregate gross proceeds to Opta Minerals
under its initial public offering to $19,800,000. A syndicate of
underwriters, led by Loewen, Ondaatje, McCutcheon Limited, and including
First Associates Investments Inc. and Canaccord Capital Corporation,
purchased an additional 450,000 common shares at a purchase price of
$3.99 per share and 225,000 common share purchase warrants at a purchase
price of $0.01 per one-half warrant. The warrants are listed under the
symbol "OPM.WT" on The Toronto Stock Exchange and each whole warrant
entitles the holder to purchase one common share of Opta Minerals at a
price of $5.00 any time on or before February 17, 2007.

The common shares and warrants sold pursuant to the over-allotment
offering have not been, nor will they be, registered under the United
States Securities Act of 1933, as amended, and such common shares and
warrants may not be offered or sold within the United States or to, or
for the account or benefit of, U.S. persons absent registration or an
applicable exemption from U.S. registration requirements. This press
release does not constitute an offer to sell, or the solicitation of an
offer to buy, common shares or warrants of Opta Minerals in the United
States.

About Opta Minerals:

Opta Minerals is a vertically integrated producer, manufacturer,
distributor and recycler of silica-free loose abrasives, industrial
minerals, specialty sands and related products for use primarily in the
foundry, steel, marine/bridge cleaning, roofing shingle and municipal
water filtration industries. With its head office in Waterdown, Ontario,
the Company also has production and distribution facilities in Ontario,
Quebec, Louisiana, South Carolina, Virginia, Maryland and New York and
one of the broadest product lines in the industry.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Opta Minerals Inc.
    David Kruse
    President and Chief Executive Officer
    (905) 689-6661